Ibercaja obtained a net profit of 202 million euros in 2022, a figure 34% higher than that of 2021, as reported by the entity to the National Securities Market Commission (CNMV) this Friday.

The group has attributed this result to the “strong commercial dynamism” of the key segments of its Desafío 2023 Strategic Plan, Personal and Private Banking, Business Banking and Risk Insurance, as well as to the improvement in the quality of assets; to the increase in the interest margin and the fall in operating and risk costs.

Ibercaja’s recurring income increased by 7% last year, to 996 million euros, while recurring expenses fell by 4.3%, to 573 million euros, as a result of the effect of the latest regulation file on employment (ERE) applied in 2021 and 2022.

The entity raised its return on tangible capital (ROTE) to 7.6% in 2022, compared to 5.7% at the end of 2021, advancing towards the medium-term objective that the group has set (9%).

The bank has reduced the default rate below 1.6%, which represents a differential of 196 basis points with respect to the sector average; It has increased the coverage ratio to 90%, from 75.3% at the end of 2021, and has placed its ‘CET1 Fully Loaded’ capital ratio at 12.4%, in line with the entity’s strategic objective in the medium term of 12.5%.

60% of Ibercaja’s results, a ‘pay-out’ established by the entity, amounting in this case to 121 million euros, will allow the four bank shareholder Foundations to continue deploying their actions of a social, cultural and economic revitalization nature , as well as “feeding” the Reserve Fund set up by the Ibercaja Banking Foundation in mid-2022, which has already been endowed with 155 million euros, the group explained.

This Fund will continue to cover up to the 100% required in the coming quarters, with a term to do so until the end of 2025, as indicated by the entity.