The entities associated with CECA achieve a consolidated result of 3.721 billion in the first nine months of 2014

The growth of recurring revenue and the reduction of operating expenses have allowed for this result.

The efficiency ratio of the sector improves by 4.6 points compared to the same period of the previous year, thanks to expense containment, now standing at 48.6%.

The consolidated result of savings banks and banks created by savings banks amounts to 3.721 billion in the first nine months of 2014, a 31% increase compared to the same period of the previous year.

The achievement of the consolidated result has been marked by the growth of recurring revenue (interest margin and commissions), the significant decrease in operating expenses, and the reduction of provisions for asset impairment.

Regarding the interest margin, for the first time since 2012 it shows an absolute growth of 1.5%, due to a sharper decline in financial expenses (-24.5%) compared to the decline in financial income (-13.8%).

Additionally, the entities affiliated with CECA continued in the third quarter of 2014 the process of expense rationalization driven by consolidation and restructuring. The sector has accumulated a reduction of operating expenses of -18% compared to the same period of the previous year. The decline is primarily in personnel expenses, with an accumulated decrease of -22%. This reduction has precisely allowed for an improvement in the efficiency ratio by 4.6 points, standing at 48.6% in September 2014.

As for provisions for the impairment of financial assets, the decline in the pace of allocations is maintained due to both the positive evolution of doubtful assets and the absence of extraordinary requirements. Specifically, in the first nine months of the year, the non-performing loan rate in the sector has fallen by 44 basis points, reaching 13.03% in September.

Finally, the credit institutions that are members of CECA continue to strengthen their capital, with an increase in own funds of 3.227 billion, representing a 7.4% increase compared to the same period of the previous year.