ABANCA nets €401.9 million in Q3 with 11.5% profitability
The Spanish bank ABANCA, which this year bought the branches of Deutsche Bank in Portugal, has registered net profits of €409.9 million for the third quarter of 2019.
It has achieved a sold capital ratio of 16.0% and a gross surplus €1.326Bn over and above ECB CET1 regulatory requirements.
The bank enjoyed a €85,000 million business turnover with the consolidation of Banco Caixa Geral.
Recurrent revenues have grown 6.9% thanks to a positive business evolution with customers. Abanca continues to be one of the most profitable banks in the Spanish financial system.
Abanca has reduced its NPL ratio to around 3% and maintains the highest non-performing asset coverage in the sector (59.7%).
Its new insurance products grew 7.4% driven by innovation and technological capabilities while the bank’s customer base increased to 2.3 million as a result of improved customer experience resulting in 80,000 new customers.
The bank’s NPL ratio is one of the best in the Spanish financial system and stands at 3.1% thanks to the constant recovery of non-performing loans.
After the consolidation of Banco Caixa Geral, Abanca has increased its business turnover to around the €85,000 million threshold after growing 22.6% year-on-year. This corporate transaction — in addition to the absorption of Deutsche Bank PCB Portugal – a cross-border business success story which places Abanca as the seventh largest independent bank in Spain.