Caixa Engineers' profits rose 71.9% last year

Caixa Engineers' profits rose 71.9% last year

Record numbers. Caixa Enginyers ended 2023 with profits of 19.6 million euros, which means a 71.9% increase compared to 2022. This is a level of profits that this cooperative bank has never achieved before, as its General Manager, Joan Cavalli, highlighted during the last presentation of the year's results.

The entity, which attributes this business development to consumption-driven economic dynamism, benefited from a take-off in its interest margin, which amounted to €66.37 million and grew by 83.32% as a result of the interest rate hike.

The top of the group will propose to the association a bonus of 4.25% to members, which means paying (a percentage of profit allocated to bonus members) of 23.28%.

2023 was the first exercise of the Transforma 2026 strategic plan, which included renewing the brand's image and strengthening its role as a cooperative bank after 55 years of existence. Gross margin of 99.5 million increased by 42.2% due to interest margin.

Cavalli described last year's results as “historic.” In fact, the entity improved in all indicators, such as profitability, which rose to 8.22%: efficiency (71.51%), solvency of CET-1 (17.05%), and structural liquidity (171%). Caixa Engineers currently has 213,000 members, of which 175,000 are active members. The group maintained the number of its offices at 33 last year. The group expects the number of its members to reach 250,000 members in 2026 and the business volume to reach 10.8 billion in that year (in 2023 it was 8.139 billion).

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