Eurobic aids Abanca to net record profit of €1.2Bn in 2024

 In Abanca, Banks, Eurobic, News

Abanca posted record profits of €1.2Bn in 2024, up 69.2% like-for-like on 2023.

Without Portuguese bank Eurobic, which Abanca acquired last summer, Abanca would have made net profits of €853.3 million, it announced on Tuesday.

The Spanish bank, which celebrated its tenth anniversary last year, achieved a return on tangible equity (ROTE) of 16.5%, with this performance again being supported by the growth in net interest income (difference between interest charged on loans and interest paid on deposits), which soared 32.9% to €1.64Bn.

Its gross margin, which includes net interest margin, commissions, dividends, and other income, added 32.1% to more than €2Bn.
Abanca also highlights that it exceeded €128Bn in asset volume, including deposits and loans, thanks to the acquisition of Eurobic (the Portuguese market represents €20Bn in asset volume).

It recorded an annual growth of 23.8% in new loans “with special prominence in Portugal”, where it grew by 237 basis points in terms of market share.