According to the financial institution’s press release, the half-year results are based “on the evolution of commercial activity and typical banking activities”, which grew by 23.7%.
The Kutxabank Group has a net profit by 263.7 million euros in the first half of 2024, 5.4% more than in the same period of 2023. The bank’s General Meeting of Shareholders has also approved to divide a dividend of 131.8 million to its shareholder foundationswhich will be paid on July 30.
Kutxabank explained in a press release that these half-year results are based on the evolution of commercial activity and typical banking activities, which grew by 23.7% to almost 1,008 million euros.
This data comes mainly from the interest marginwhich amounted to EUR 686.7 million (34.4% more than in the same period of 2023), as well as the good behavior of insurance commissions and income from off-balance sheet productssuch as investment funds, delegated portfolios and pension products”.
These two segments grew by more than 13.5%, offsetting the decline in revenue from services and payment methods after the financial institution eliminated all commissions for more than a million individual users.
Similarly, the banking entity’s financing activity maintained a positive growth rate; credit investments increased by 1.3% to a total of EUR 48,896 million.
Regarding consumer loans, Kutxabank confirms that “they are a strategic bet” and that they have set a new record, with growth of 18.8% compared to June 2023.
The entity has also seen a “clear trend towards recovery” in new mortgage loans signed, which increased by 8.7% compared to the first quarter of 2024 and amounted to €1,606 million at the end of June.
Finally, it is notable that the default rate has again been reduced to 1.31%, the lowest in the entire sector.
Kutxabank believes that “the result achieved confirms that the entity is clearly aligned with its growth objectives as defined in the main industriesespecially in progressive sectors such as companies, savings, investment or insurance activities“.
The company’s strong performance was rewarded with an 11% increase in new customer registrations.
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.
