In an environment of uncertainty due to the war in Ukraine, the Basque bank has highlighted the good performance of its income related to commissions, services and insurance. Delinquency has dropped to 1.8%, the lowest rate in Kutxabank’s history.
Euskaraz irakurri: Kutxabankek 75.1 million euro irabazi ditu lehen hiruhilekoan, iaz baino % 21.6 gehiago
Kutxabank achieved a net profit of 75.1 million euros in the first quarter of 2022, 21.6% more that in the same period of 2021, the bank of the Basque savings banks has reported.
As reported by the entity owned by BBK, Kutxa and Vital, recurring income (or ‘core’ income) —those related to the traditional banking business: net interest income and commissions— registered strong growth of 7.3% (296.3 million euros).
These data reflect that, at present, more than half (53%) of the core banking business comes from the contribution of income from commissions and insurance (the latter accounted for 158.1 million and a growth of 13.7%), thus exceeding the contribution of the net interest income. They also cover 105% of the Entity’s total operating expenses.
Also, the NPL ratio has fallen below 1.8%, the lowest rate in the history of Kutxabank, according to the bank.
Despite the complicated market environment, it has been a “good quarter” for Kutxabank’s corporate business, posting record growth in the case of fixed asset billing, which has doubled compared to 2021.
Source: Eitb
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