2023-04-27 21:10:58
Kutxabank is no exception to the upward trend in banking profits, hand in hand with a rise in interest rates that has returned the profitability lost after the brick crisis to the most traditional activity: taking money from customers and lending it. The Basque bank ended the first quarter of the year with a net profit of 111 million euros, which represents an increase of 47% compared to the same period last year. Without a doubt, it is the interest margin, the difference between what you pay and what you charge for intermediating with money, the real engine of the income statement. The bank has entered a total of 235 million euros for this concept and this represents a spectacular increase, which reaches 70% in relation to the first quarter of 2021. The collection of commissions, however, has decreased by 6%. In short, both activities, what is known as the traditional banking business, has reached 383 million and registers an increase of 29.3%. The dividends that he has received from his portfolio of shares have brought him an additional 40 million euros. Standard Related News Yes BBVA’s profit grows 39% despite the new bank tax Manu Alvarez The entity obtained two thirds of its results in Mexico during the first quarter On the other side of the income statement, the one with the negative sign, Kutxabank has increased its operating expenses by 4%, which the entity has justified as a result of the salary increases for the workforce and also the general increase in costs caused by inflation. Along with this, it has dedicated 55 million euros, 1.4% less than in the first quarter of 2022, to provision credits on which there are doubts of recovery. The new bank tax approved by the central government has already involved an extraordinary expense of 47 million euros. The bank chaired by Antón Arriola announced a few weeks ago its decision to appeal this rate that the Executive of Pedro Sánchez has established on a provisional basis for this year and next. Despite the fact that Kutxabank acknowledges that home sales have slowed down and consequently the granting of new mortgages, the bank has exceeded its forecasts with the formalization of 836 million in new home loans during this period. Along with this, Kutxabank has highlighted the good behavior of the entity in attracting savings for investment funds -it manages a portfolio of 23,700 million euros-, while delinquency remains at very low levels.
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