Kutxabank earned €163.2 million between January and June 2022, or 30% more, helped by bank income relief and interest benefits.
According to the National Securities Market Commission (CNMV), core banking revenues increased by 5.6% to 596 million euros, driven mainly by revenues from the services and insurance activity which increased by 9.7%.
Interest income also increased by 1.4% and stood at almost 280 million. This review shows that currently 53% of core banking activity comes from the contribution of service and insurance revenue, exceeding the contribution of interest revenue, according to the sotabanco.
Gross margin exceeded €622 million, 8.4% more than in the first half of 2021, and operating expenses increased by 2.3%.
As for non-performing loans, they improved by 48 basis points in six months to 1.38%, the deadliest default in its history. Regarding the portfolios affected by the Covid measures, Kutxabank has a delinquency rate of 3.9% in the case of the portfolio in default and 0.9% in the secured financing portfolio.
The solvency of the basement, measured by the CET1 ratio, was set at 17%.
Client assets under Kutxabank mandate increased by 1.5% year-on-year to reach 73,248 million euros at the end of June.
Kutxabank’s wholesale activity increased by 10.2% and increased productive credit investments, which reached 47,700 million euros, or 4.8% more.
In the individual customer business, the portfolio of new mortgage loans amounted to 2,189 million euros. New consumer loans for the half-year reached 269 million, a relief of 9.2% compared to 2021.