Later ten consecutive ascents At previous summits, the president European Central Bank (ECB) He drew attention to the “unanimous” decision taken by all managers after the meeting held last Thursday to stop the increase in interest rates with the principal at 4.5 percent. For the next review appointment in December, Christine Lagarde He hopes to have a clearer picture of the possible impact of the conflict in Gaza on energy prices. The organization does not even want to speculate about a possible decline in the price of money at the moment. In his mind, it’s “definitely early”. I am waiting to see whether the moderate course of inflation is consolidated and how the brakes on the economies of the main countries of the old continent will develop, The change in monetary policy is clearly visible in the accounts of the financial sector. Abanca It joins the ranks of organizations aiming for a record year of profit. It generated 428.6 million in revenue through September; this was the historical maximum and three times that of the same period in 2022 (142.5 million)..
Galicia’s financial leader attributes the “positive performance” to the “dynamism of the business”. retail” and its “solid financial profile” that produces “a range of high-quality results.” Interest margin increased by almost 63%, up to 874.1 million euros. Average rate of new financing operations at 5.14%compared to 3.8% of the old portfolio. The improvement in deposit fees is much slower: from 1.59% to 1.98%. Call radiate which measures the difference between what they earn from loan interest and what they pay on deposits, reached 3.1%, slightly more than double from a year ago.
Increased productivity and profitability
Revenue from service provision increased by approximately 4%: 220.7 million. Abanca achieved a net balance of 51 million thanks to financial operations. Regulatory costs, including the new extraordinary tax and contribution to the deposit guarantee fund, Reached 110.3 million. According to the team led by Juan Carlos Escotet, operating expenses increase by only 4% as a result of “effective control”; which is “below the entire industry in Spain”. Provisions for possible non-performing loans exceed 77 million, which is 49% more. Efficiency rate reached 52.3% (18.5 points above third quarter 2022); and ROTE, the main thermometer of profitability. 13% scale.
Already integrated targobankBetanzos-based group is moving Business volume of 112 billion euros. In addition to strengthening its presence in the Mediterranean Region and Andalusia, the operation contributes to “strengthening strategic lines” such as credit and insurance in the retail field, and “creating synergies in payment instruments, off-balance sheet or similar strategic businesses”. Free selling of “safe” and increasing “repetition and quality of the result”. But this year’s star market so far is Portugal. produced 61% of registrations in what Abanca calls “expansion geographies”. Total 96,000 new customers added in 2023almost half of digital origin.
Deposit and loan portfolio
Formalization of mortgages results in a balance of 1.174 million After an increase of 12.6% between years Market share reached 93 basis points in Spain and 97 basis points in Portugal. Financing provided to companies increased by 6.1% and reached 5 billion 106 million. In total, new operations Reached 6 billion 966 million eurosAlthough the loan balance of customers was around 45.8 billion euros in the normal situation, it decreased slightly to 178 million euros. Deposits are close to 53.3 billion After 8.3% increase.
Abanca maintains that the suspicious account balance is “stable.” By September the default rate was 2.3%. In particular, the rate of ICO operations is around 4%, meaning “well below the system average.” Coverage of seized assets reaches 64.3% and 75.3% for all non-payment risk. There are 18,760 million in liquid assets; this is “equivalent to 4 times the expected maturity of the issues.”