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HomeLatest NewsKutxabank achieves a profit of 330.5 million in 2022, 52.7% more

Kutxabank achieves a profit of 330.5 million in 2022, 52.7% more

Date: March 21, 2023 Time: 16:47:25

The Kutxabank Group has presented its results for 2022 and advances that it achieved a net profit of 330.5 million euros, which is 52.7% more than in 2021, after making a tax contribution of more than 430 million euros, to which the payment of the new tax on banks has been added in 2023. This result stands at 21.6 million euros below that achieved in 2019, before the pandemic.

As reported by the Basque bank, its “deep roots and commitment to the economic and social improvement of the territory” have been completed with the 322.7 million euros that the shareholder banking foundations (BBK, Kutxa and Vital) have received from profits and reserves from prior years.

Kutxabank’s Board of Directors has also approved the proposal to again allocate a 60% dividend charged to the results of 2022, a total of 198.3 million euros.

Kutxabank’s results have been presented by the Chairman Anton Arriola and the CEO Javier García Lurueña, within the framework of the annual meeting of Group executives, which was held this Saturday morning at the Kursaal Conference Center in Donostia-San Sebastian. The meeting was also attended by the presidents of the shareholder banking foundations and the members of the Board of Directors of Kutxabank and Cajasur.

Arriola has positively assessed the entity’s ability to face the vicissitudes experienced throughout 2022, a year in which the war between Russia and Ukraine has “totally changed the course of economic forecasts, conditioned by high inflation, which has strained families and companies, and has generated a notable slowdown in economic growth”.

While the financial markets have experienced significant volatility, which has turned into falls in the valuations of managed assets, the banking sector has continued “hampered by low profitability, which does not allow it to cover the cost of capital, despite the rise in interest rates”, he explained.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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