obtained a net profit of 81.2 million euros between January and March, which represents a year-on-year increase of 13.2% in recurring terms or discounting. If extraordinary said are included, . Its return on tangible own funds stood at 7.6%.
The entity attributed the improvement in profit without atypical to the growth of 4.3% in recurring income and a decrease in expenses and, above all, in provisions for bad debts.
The volume of business increased by 9.5% and exceeded 107,880 million, thanks according to the bank to “an intense” acquisition of new clients in Galicia and abroad. Its base increased by 9.5% in the year and grew by 43.9% in three years, when the business managed also increased by 45.3%.
The balance of credits increased by 8.6%, up to 45,694 million, and by another 11% the total customer resources managed, whose amount thus reached 61,920 million euros. By products, the entity highlighted that customer deposits increased by 11%, credit and debit cards by 8.9%, the number of POS terminals by 13.4% and off-balance sheet managed resources by another 11.1% ( insurance, investment funds, pensions, etc.).
In insurance, specifically, the contracting of life-risk products increased by 13.3%, car coverage by 22% or 14% in business insurance. The expansion of the business was compatible with reducing the delinquency ratio to 2.1%, while the rate of coverage in provisions of the set of foreclosed and delinquent loans climbed to 76.4%.
Almost all the margins of the account registered advances: the financial or interest margin grew by 4.4%, the basic margin increased by 4.3% after registering another growth of 4% in the income from services rendered and the gross margin advanced 11.9%.
However, the margin before provisions fell by 13.7% and gross profit fell by 4.1%, but the result improved in the final line after reducing the provisions heading by 40.2%, 48.7% the tax item. The
In capital, its CET1 ratio stood at 12.8%, with an excess of 463 basis points over the required regulatory minimum and which means that it has a surplus solvency buffer of 1,513 million euros.
Facebook Comments
Disqus