As explained by the banking entity, the result was achieved in a context “deeply conditioned” by the war in Ukraine and by the “deterioration of the macroeconomic environment”.
Euskaraz irakurri: Kutxabankek 163,2 milioiko etekina lortu du urteko lehen seihilekoan, 2021ean baino %30 gehiago
Kutxabank closed the first half of 2022 with a net profit of 163.2 million from euros, 30% more than in 2021, as reported by the entity in an explanatory note.
As the bank explained, the result was achieved in a context “deeply conditioned” by the war in Ukraine and by the “deterioration of the macroeconomic environment”, conditions that led to a “correction” of economic growth forecasts. , “underlying uncertainty about energy supply”.
“Inflation has continued to grow to historic levels and public emergency measures are not having the desired effect,” he added. Consequently, “financial markets are characterized by high volatility and instability,” he acknowledged.
‘Public aid measures are not having the desired effect’
The entity remains the third group with the largest net subscriptions in the mutual fund market, the first in June, in a high volatility environment.
In addition to the investment credit productivity has almost increased 5%following a remarkable evolution in the activities of companies, whose turnover has grown across all products, the bank said in a note.
On the other hand, the insurance activity has continued to rise and contribute 89.7 million euros to the income statement until June.
In accordance with the criteria of “maximum caution” to cover a possible deterioration of creditworthiness and real estate, Kutxabank has EUR 113.2 million in provisions.
Finally, with regard to the default ratecontinued to improve until it fell to 1.38%, the lowest in the entire industry, according to Kutxabank. Thus, the total volume of doubtful assets is 711 million of euros.
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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.
