Abanca profits up 13% to €81.2M in Q1

 In Banks, News

Spanish bank Abanca, which has a presence in Portugal, posted profits of 381.2 million for the first quarter of 2022.

It was a like-for-like increase of 13.2% which the bank says is down to good performance and the capacity to “generate recurrent revenues”, and “optimisation of costs”.
The financial margin increased 4.4% to €171.3 million, while bank charges rose 4% to €69.3 million, having been “boosted by the buoyancy in the sales of off balance assets which also increased 11.1% over the past 12 months.
Operational expenses fell 6.8% to €175.5 million “thanks to completed cost-cutting restructuring projects”, states the bank.
“In the coming quarters, synergies created with companies integrated in 2021 will gradually bear fruit”, it adds.
Business turnover grew €9.4Bn in relation to March 2021, in a balanced evolution between loans and deposits. Credit to clients rose 8.6% to €45.7Bn. Client resources increased 11% to €61.9Bn, with deposits growing 11% to €49.4Bn.
Abanca emphasises that the high quality of its portfolio of assets, indicating that the ratio of NPLs was at 2.1% at the end of March “much lower than the average for the sector”.