MADRID, 30 Mar. (EUROPA PRESS) –
The Asset Management Company for Bank Restructuring (Sareb) closed 2022 with net losses of 1,506 million euros, which represents a reduction of 7.4% compared to the ‘red numbers’ of 2021, as reported by the known as ‘bad bank’ this Thursday in a statement.
The entity has indicated that these results are due to the difference between the initial accounting of the assets at the time the company was formed and the final sale price. However, the losses do not impact the viability of the company, given that since 2020 “Sareb is exempt from the obligation to have positive own resources to operate normally.”
Since the company was created, the total portfolio of assets has been reduced by 48%, going from the initial 50,781 million to 26,465 million at the end of 2022. Currently, 59% of the portfolio is made up of real estate and the rest, for loans to the promoter with real estate guarantees. Originally, 78% of the company’s asset portfolio consisted of these loans.
Sareb’s revenues experienced an 8% increase last year, reaching 2,361 million euros, slightly above the figure for 2019, before the pandemic.
Of these revenues, 71% (1,705 million euros) come from the sale of real estate. This figure was boosted by 15% compared to the data for 2021. For its part, income from financial assets, mainly the sale of unpaid loans from developers, generated 699 million euros, 12% less than the previous year. This decline is explained by the fact that these types of assets are increasingly weighing less on the company’s balance sheet.
Regarding commercial activity, Sareb sold 27,090 units of different types (residential, land and tertiary), 9% more.
Sales revenue from the residential sector was 825 million euros, 5% less. Sareb has attributed this decrease to the slowdown in operations in the final stretch of the year due to the transfer of management to the new ‘servicers’. On his side, land sales reached 310 million, 32% more; and those of tertiary, 226 million, 49% more.
Income from assets from real estate developments promoted through Árqura Homes stood at 214 million euros, 56% more than in 2021.
Likewise, the entity has reported that it amortized 3,184 million of debt guaranteed by the State during 2022. This is the largest annual amortization for Sareb since its inception, so the outstanding debt has stood at 30,481 million euros. In the last 10 years, Sareb has reduced the debt guaranteed by the State by 20,301 million euros, 40% of the total, so that at the end of 2022 it was 30,481 million.
During the past year, the expenses associated with property management were 612 million, 11% less, due to the changes towards new ‘servicers’.
The expenses related to Sareb’s internal structure and operation fell by 8%, although the company has not reported the absolute figure. The entity attributes the decline to the “structure reduction” process that it is undertaking to “adapt to the needs” of the change in the profile of its portfolio.
