So it is close to pre-pandemic levels. The results are based, explains the Kutxabank Group, on the good evolution of its typical banking activities, which grew by 4.9%.
The group Kutxabank has reached a net profit from €250.5 million to the end of third quarter 2022a 42.1% more than the end of September 2021 Y close to pre-pandemic levels. In a statement, Kutxabank said these results are based on the good performance of its typical banking business, which grew by 4.9%, driven by revenues from services, insurance and assets under management, which grew by 6.9%.
Revenues from services, off-balance sheet assets and insurance continue to exceed the contribution of interest margin to the income statement, which adds up to 52% of total banking. The insurance business contributed a total of 130.9 million euros to the income statement in the first nine months of the year, 8.8% more than last year.
Efficiency improvement, to 48.08%, and cost containment have been added to the company’s evolution as operating expenses increased by 2.4%, below both the CPI and the entity’s own forecasts.
Kutxabank also ensures that it has the lowest default rate in the entire financial sector, with an average of 3.86% in August.
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Source: EITB
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.
