Kutxabank earned $75.1 million in the first quarter of 2022, up 21.6%

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Kutxabank earned .1 million in the first quarter of 2022, up 21.6%

In an environment of uncertainty due to the war in Ukraine, the Basque Bank has emphasized the good performance of its revenues related to commissions, services and insurance. Delinquency has fallen to 1.8%, the lowest rate in Kutxabank history.

Euskaraz irakurri: Kutxabankek 75.1 million euros irabazi ditu lehen hiruhilekoan, iaz baino % 21.6 gehiago

Kutxabank achieved a net profit of EUR 75.1 million in the first quarter of 2022, 21.6% more the bank of the Basque savings banks has reported this in the same period of 2021.

As reported by the entity owned by BBK, Kutxa and Vital, recurring revenues (or “core revenues”) — those related to the traditional banking: net interest income and commissions – recorded strong growth of 7.3% (296.3 million euros).

This data shows that currently more than half (53%) of core banking comes from the contribution of fee and commission income. insurance (the latter accounted for 158.1 million and a growth of 13.7%), exceeding the contribution of net interest income. They also cover 105% of the entity’s total operating expenses.

Also the NPL ratio has fallen below 1.8%, the lowest rate in Kutxabank history, according to the bank.

Despite the complicated market environment, it was a “good quarter” for Kutxabank’s business, with record fixed asset billing growth, which has doubled from 2021.


Source: EITB

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