Ibercaja reached 280 million euro net profit in the January-September period, a rise of 68.6% from the same period last year. The bank noted at the end of September that it achieved the highest net profit in the first nine months since 2015, underscoring sustained earnings momentum.
The bank’s focus on productivity gains and business dynamism has driven this performance. Earlier years saw efforts aimed at delivering personalized responses to customer needs and optimizing the cost structure. These factors collectively explain the ongoing evolution in the bank’s results.
It is also important to highlight the contribution of a diversification strategy in resources. Customers are increasingly turning to higher value-added products such as investment funds, retirement plans, and life savings insurance, which now account for 51.8% of the total resources.
In addition, rising interest rates over the past year and a half have supported a higher interest margin. The margin reached 501 million euros, an annual increase of 57.5%. Consequently, recurring income grew by 31.3% to 912 million euros. With stronger recurring revenues and controlled expenses, Ibercaja’s profit before provisions rose by 48.0% compared with the first nine months of the prior year, reaching 441 million euros.
Last semester of the year
Three months after completing Strategic Struggle Plan 2023, Ibercaja surpassed profitability targets with an adjusted return on tangible equity of 11.0%. Solvency at the fully loaded CET1 rate stood at 12.9%, asset quality showed a non-performing asset rate of 2.9%, and the bank maintained a high liquidity coverage ratio of 199%, reflecting a robust balance sheet for the Spanish banking sector.
The bank’s performance also supported social impact through shareholder foundations, with 60% of results directed to these foundations to fund social and cultural actions and to promote regional development in key areas. Fees paid to the main shareholder, the Ibercaja Foundation, continued to feed the Reserve Fund at the end of September, totaling 260 million euros and representing 83% of the total amount needed to complete the fund by the end of 2025.
Industry leadership in contributions to investment funds until September
Ibercaja’s customer resources rose by 0.6% to 69,416 million euros in the nine months of 2023, driven by strong performance in asset management and life insurance, which grew by 4 billion 341 million euros, equating to 13.7% year to date. This already accounts for 51.8% of total customer resources.
The bank continues to emphasize diversifying customer resources toward higher value-added savings products, improving levels of engagement and satisfaction. In an environment of higher rates, Ibercaja offers an attractive range of investment funds and life insurance designed to meet customer needs, supporting individuals, families, and businesses through a period of uncertainty for enterprises.
In this context, the bank reached historic figures in net contributions to asset management and life insurance products by the end of September, totaling 3 billion 870 million euros, which equals the entire contributions recorded over the previous three years.