Ibercaja closed 2022 with a net profit of 202 million euros, which represents 34% more than the previous year, and has raised its return on tangible capital (RoTE) to 7.6%, compared to 5.7% by the end of 2021, advancing towards the medium-term objective of the Entity of 9%, as reported by the entity itself through a relevant fact to the National Securities Market Commission (CNMV).
The most relevant items in Ibercaja’s income statement have evolved in a particularly positive way: recurring income grew by 7.0% year-on-year, to 996 million euros, and recurring operating expenses have fallen by 4.3%, up to 573 million euros. As for the CET1 Fully Loaded capital ratio, it stood at 12.4%, in line with the strategic objective set by the entity of 12.5%, and the Total Fully Loaded Capital ratio stands at 17.1%, which is one of the highest in the Spanish financial system.
Ibercaja’s specialization in the mortgage sector has become a volume of new mortgages amounting to 2,022 million euros, 41.2% above 2021. Likewise, the default rate has fallen by 72 basis points and stands at at 1.6%, which represents a differential of 196 basis points compared to the average for the sector; and the degree of coverage reaches 90.0%, from 75.3% at the end of 2021, which allows it to maintain a prominent position in relation to other entities. Regarding credit to companies, the balance has risen to 8,358 million euros, 4.3% higher than at the end of last year and has become an increase in the market share of credit to non-financial companies of 8 basis points .
The amount of formalizing loans and credits increased to 5,988 million euros, 10.4% higher than the previous year, with Madrid and the Mediterranean Arc, areas of greatest expansion of the bank, concentrating 53% of this activity.
Customer funds totaled 69,016 million euros, recording a decline of 1.6% year-on-year, due to the impact that the negative evolution of the capital markets has had on the valuation of investment funds, pension plans and savings insurance. Excluding this effect, customer funds increased by 2.4% in the year.
The market share in pension plans stands at 6.1% and adds 8 basis points in the year, highlighting the increase in the share in individual pension plans that stands at 3.5% (5 basis points more in exercise), historical maximum. On the other hand, digital customers grew 4% in the year, to more than 914,000 and now represent 60.6% of the bank’s total.
Finally, the bank will allocate 60% of its profits to the payment of dividends, a total of 121 million euros, which will allow the four bank shareholder foundations to continue deploying their social work.