Abanca made a profit of 711.3 million euros in 2023, triple the 217 million euros in 2022 and a record figure for the bank. The business underlines that this year was marked by the dynamism of the retail sector and the “solid” financial profile.
President at press conference Abanca, Juan Carlos Escorthe stated: Beyond “indisputable good governance”, these figures explain the “resilience” of the economy and the “strength” of employment This improves profitability, with inflation “contained” and Gross Domestic Product (GDP) increasing “above expected”.
Return on tangible equity (ROTE) was 16%This “clearly allows the cost of capital to be easily ‘covered’ despite the increase in capital costs due to new species.” A 16% rate that “improves the average of results published by competitors.”
Abanca draws attention to its positioning One of the firsts in the Spanish banking sector in terms of asset qualityTexas rate is 27.5%, default rate is 2.4%, and doubtful asset coverage is 73.9%. Total capital ratio exceeding legal requirements of €1,499 million is 16.9% and retail LTD ratio is 84.9%.
Loans to families and companies increased by 14% in Spain and 15.3% in Portugal. Almost 9.7 billion worth of financing was provided.
The bank emphasizes that it contributes more. 400 million euros to the public coffers through different taxes.
Abanca acquired Portugal’s eighth bank, EuroBic, in 2023. Thus, it ranks as the seventh bank in Spain and Portugal. Also, last year’s purchasing operation targobankA special focus was placed on the retail business, with the bank’s presence increasing in regions such as Andalusia, Levante and the Balearic Islands.