The net profit that Abanca recorded between January and September of this year amounts to 988.1 million euros, a new record for the entity, which is 130% higher than the figure for the same period last year. This increase is partly explained by the finalization of the sale of EuroBic, in July: according to the accounts presented this Wednesday by Abanca and collected by Ep, if the integration of this entity had not taken place – “which provides a profitable and healthy activity of more than 12 billion dollars”, adds Abanca – the company’s profits would be around 638 million – 48.8% more than in 2023. In a statement, it called these results “solid” and claimed that they represent “effective” growth of its business , which currently exceeds 127 billion euros in value – 19.4% more than a year ago, with recurring profitability. of 16.9% and presents “robust” capitalization levels, “highest” asset quality and a “comfortable” liquidity position.
“The entity is achieving intense commercial growth in all geographic areas and adds more than 101,000 new customers per year. New credit formalizations for individuals and businesses have increased by 12.1% and 12.7% respectively since September 2023; deposits increase by 22% and net subscriptions to investment funds in Spain triple, reaching a share of 4.5%,” says Abanca. Positive data which accompanies a battery of “relevant” improvements, following the acquisition of EuroBic, in terms of activity, governance, corporate image and integration process. This “boost” in your accounts This is also reflected “in the commercial development of the quarter”, with more than 5,000 new customers and 850 million resources captured”; In addition, Abanca links its profit of 988.1 million to a “good evolution” of its business with customers, which increased this year by 32.7% of the basic margin.
“This growing acquisition of recurring and diversified income, the heart of the bank’s model, is a driver of efficiency which improves by 3.8 points in one year and is significantly below 50%, despite maintaining investments in capabilities. The variation in expenses is conditioned by the integrations and the efforts made to energize the company, strengthen protection against cyber risks, increase service capacities and improve staff remuneration”, explains Abanca, who underlines its “policy of strict caution”, with a “controlled” cost of risk of 0.27%, a default rate of 2.6% and a coverage rate of 78.1%.
In addition to these data, Abanca highlights that its CET 1 maximum quality capital ratio amounts to 12.8%, around the 13% established at a strategic level; and its total capital ratio reaches 16.6%. Concerning its liquidity, It has 24,560 million euros in liquidity, a figure equivalent to five times its expected issue maturities; and an ID card issuance capacity of 6.007 million, for a total of 30.567 million.
