Ibercaja has closed first quarter of 2023 with net profit 54m euros after fully paying 29m euros corresponding to bank tax. Thus, last year’s profit increased by 30.5% and reached 83 million TL excluding temporary tax.
HE Aragon bank It underlines its strategy to diversify its customers’ resources towards higher value-added products such as mutual fundsretirement plans and savings and life insurance, and the increase in interest rates in recent months enabled the organization to generate 291 million euros in continuous income, an increase of 25.8% compared to the first quarter of the previous year. Similarly, profit before provision 115 million euros15.7% higher than achieved between January and March 2022.
According to the statement from Ibercaja, “Continued to strengthen the quality indicators of its assets and presents one of the most robust balance sheets in the Spanish financial system.With a default rate of 1.6%, it represents a difference of 195 basis points compared to the industry average. In addition, the coverage ratio has increased to 90.7% and its solvency remains solid. with capital ratio CET1 fully loaded 12.8% With all this, Ibercaja accrued 60% of the results in the quarter as dividends.
historic quarter
Ibercaja’s client funds have remained almost flat since the end of 2022, totaling 68,571 million euros (-0.6% on a quarterly basis).l “excellent performance of wealth management and life insurance”indicates existence. The increase in early repayments in housing loans, the volume of which doubled compared to the first quarter of 2022,Higher consumer spending by families due to the inflationary environment explains the moderate decline in client funds in the first quarter. In this context, Ibercaja increased its market share in client funds by two key points to 3.48%. From In 2019, client funds increased by 13.1% to €7,900 million, following the corresponding increase during the pandemic.
This evolution is based on “a business strategy focused on diversifying customer resources into products that represent greater added value for them and increase their loyalty and satisfaction levels”. HE In a new environment of higher interest rates, the bank “An attractive range of mutual fund and life insurance products that are highly tailored to clients’ needs, supporting them and providing them with answers once again in an uncertain and complex quarter for financing individuals, families and companies.”emphasizes presence. In this way, Ibercaja is the bank that diversifies its customers’ resources the most, with 49.3% of the total in asset management and life insurance.
With all this, the bank managed to add 1.673 million euros; this figure exceeded the total entries recorded for 2022 in these first three months. This record contribution increased its managed asset and life insurance volume to an all-time high of €33,788 million, which means increased market share rose 18 basis points to 5.3% in just one quarter. and endorses a distinctive advisory model based on the bank’s expertise in mutual funds, pension plans and insurance, and its proximity to customers and its ability to adapt to their needs.
Specifically, Ibercaja’s mutual funds Seized 1,400m euros between January and MarchProviding a market share increase of 25 basis points in 3 months, corresponding to 15% of the total entries in the sector, up to 6.1%, reaching a new historical milestone.
The uncertainty framework in which companies continue their activities, withdrawing investment decisions, and the increase in interest rates, “purchase living place by families and accelerating early repayments” had a “negative” impact on the loan demand of these customer segments. Thus, the formalization of loans and loans between January and March totaled € 1,285 million, which corresponds to a 16.7% decrease compared to the first quarter of 2022. It maintained its stable market share by making a similar development to the sector in the quarter.
digital customers
Mobile banking App customers have 694,000, up 11.3% year on yearthus, the total number of digital customers exceeded 928,000, representing 60.7% of all Ibercaja customers.
The percentage of digital sales remains above 40% and is on track to meet its 45% target. Challenge Plan 2023 for the end of the strategic three-year period. In particular, the use of these channels continues to increase in mortgage contracts, which currently stands at 29.8%; and risk insurance, 9%.