The entity records the highest net profit in a first quarter in its last recent history
Ibercaja achieved a net profit of 63 million euros in the first quarter of this year, an increase of 15.2% compared to the same period last year, as reported by the entity, showing that all major items of the income statement made significant progress. and that it posted the highest net profit in a first quarter in its most recent history.
In an environment of high uncertainty and volatility in capital markets due to the war in Ukraine and price increases, Ibercaja has “continued to intensify its commercial activity”, pushing client funds up 4.3% year-on-year to 69,234 million euros, the entity explains. Compared to the end of 2021, this item showed a decrease of 1.3%, entirely due to the impact of the negative evolution of the capital markets.
Recurring income was up 5.2% year on year, with Ibercaja registering the second largest increase in this category among comparable entities, thanks to the increase in commissions, which compensated for the still negative evolution of the interest margin.
Similarly, expenses decreased by 4.6% due to the cost savings resulting from the Dossier Arbeidsrecht (ERE) 2021-2022. As a result of the increase in recurring revenues and the decrease in costs, recurring profit before provisions increased by 25.5% compared to the same period last year.
Similarly, the bank maintains its solvency with a ‘Fully Loaded’ CET1 capital ratio of 12.55%, in line with the entity’s strategic target of 12.5%, and the ‘Fully Loaded’ Total Capital ratio stands at 17 .2%.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
