Ibercaja has obtained a net profit of 192 million euros in the first half of the year, 70.2% more than that obtained up to June 2022, driven by the positive behavior of recurring income in an environment of rising interest rates , as reported by the entity this Friday to the National Securities Market Commission (CNMV).
This is the highest net profit obtained by the bank in the first half of the year since 2014 and represents a “relevant structural advance” in its profitability, driven by the increase in interest income, which experienced growth of 48.7% over the amount obtained in the first six months of last year, up to 321 million euros, the commercial dynamism and the “strength” of its balance sheet.
The bank’s default rate remains very contained and stands at 1.6% at the end of June, which represents a differential of 194 basis points with respect to the average for the sector; and the degree of coverage of doubtful loans reached 91.6%.
Regarding the CET1 ‘Fully Loaded’ capital ratio, this increased in the first half to 12.7%, and the total ‘Fully Loaded’ capital ratio stood at 17.4%, both in line with the target of the entity and preserving a “significant slack” compared to the minimums established by the regulators, says the entity.
The formalization of loans and credits totaled 3,139 million euros in the first semester, a similar volume to the same period of the previous year, despite the environment of uncertainty, which has retracted long-term business investment decisions, and an increase in interest rates. interest, which has slowed down the purchase of homes by families, according to the bank itself.
On the other hand, the entity has indicated that it continues to focus on the diversification of its clients’ resources. In this context, asset management and life insurance now account for 51.1% of managed resources.
In this sense, new inflows to investment funds, pension plans and savings insurance have totaled 35,450 million euros in June, 12.0% more than at the end of 2022.
Finally, contributions to investment funds totaled 2,370 million euros in the semester, with the bank obtaining 16.9% of the total for the system; and the managed balance increased by 14.9%, achieving a market share of 6.3%, which represents an increase of 45 basis points between January and June.
