Strategic commitment to Ibercaja Diversity And the rising interest rates environment, along with other factors, has led to the maximum level of weighting of non-banking products in the entity’s portfolio, i.e., investment funds. Investments, pension plans and life-savings insurance. As of March, half of the total customer resources managed by the bank are routed through such off-balance sheet offers.
There has been a change in the condition of the markets between 2002 and the first quarter of 2023, which has benefited delivery activity Of Ibarcaja. For some years, the bank has been focusing its efforts on selling products other than deposits, which it says “provide greater added value and enhance customer loyalty and satisfaction levels.” But it is now with the reactivation of the stock markets and the rise in interest rates that their greater importance has been verified. Department,
Thanks to the increase in profitability achieved with investments and a strong acceleration in contributions—two items supported by the new reference—assets managed by Ibercaja in investment funds, pension plans and life-savings insurance grew until 33,788 million euros, a record amount and which means 49.3% of the total pool of client resources managed by the entity. Highest ever ratio achieved.
“The new interest rate environment has allowed Ibercaja to offer an attractive range of investment funds and life insurance products with excellent results,” stressed the bank. In fact, net contribution The absorption by these assets between January and March exceeded all of 2022 and even those registered in 2021, with the two years contributing the highest amounts.
Notably, these products achieved net entries of 1,673 millionOf which about 83% correspond to investment funds. The bank’s manager’s main bets in this sector are made up of products that invest in public fixed income or private debt of the highest quality, such as Ibercaja Fixed Income Horizon 2025Released in January.
To this success in distribution, it is worth adding investment growth, which has blown in its favor, as opposed to the first quarter of 2022. Thus, resources managed by Ibercaja in off-balance sheet products grew by 5.7% compared to the same period last year and by 6.8% compared to the previous quarter, becoming an essential support for the massive offset . loss of deposit Which, according to the entity, has been impacted by “higher spending on household consumption due to an inflationary environment”.
Ibercaja’s total customer funds were 68,571 million As of March, an amount that represents a slight decline of 0.6% from the end of 2022, which also contributed to “an increase in early repayment of mortgage loans, whose volume has doubled compared to the first quarter of 2022”. Edge.
minor cut of Department The number of customers handled by the entity would have been much worse, therefore, without the data along with the participation of non-banking products recurring income, where these property developments have helped Ibercaza to receive 291 million, 25.8% more than the same period last year. Although in this case it is interest margin The one that provided the highest tribute with 157.5 million, up 48.9% year-over-year.
However, Ibarcaza’s profit has been penalized by the new bank tax approved by Pedro Sánchez’s government, which cuts 29 million in the quarter and makes net result The unit’s share remained at 54 million, down 14.8% from the amount recorded a year ago.