The entities adhered to CECA achieved a consolidated result of 3.800 million in 2013

The sector’s own funds increased by 7.590 million, reaching 44.162 million euros, representing a growth of 20.8%.

The sector’s efficiency ratio reflects an improvement of 3.2 points compared to the 2012 financial year, as a result of the positive evolution of the consolidation and restructuring process.

The sector of entities adhered to CECA (formed by Savings Banks and banks created by the Savings Banks) presented a consolidated result of 3.800 million euros in 2013. This result contrasts with the losses recorded in the previous exercise due to extraordinary requirements for the sanitation of real estate assets.

In an environment of low interest rates and weak internal demand, the interest margin stood at 0.99% of the average balance, with significant progress made in the last quarter of the year due to a greater reduction of expenses compared to revenues.

On the other hand, the positive evolution of off-balance sheet products (especially investment funds) has favored the recovery of commission income, which has increased by 2 basis points compared to 2012.

The contribution of the result from financial operations, which includes the exchange of hybrid instruments as well as the repurchase by the entities of their own issues, has also been positive in the entities’ balance sheets.

The adjustments from the sector’s restructuring processes have allowed for a reduction in administrative expenses by -1.3% over the year, with this percentage reaching -6.6% if extraordinary costs associated with them are excluded.

Provisions made for the impairment of financial assets have risen to nearly 10.000 million euros (0.89% of the average balance), largely as a result of the new classification criteria for refinanced operations.

The entities adhered to CECA have carried out 86% of the announced adjustment process of their installed capacity from 2008 to 2013, and it is expected that the remaining 14% will be carried out between 2014 and 2015. The number of offices has been reduced by 33.9% and the number of employees by 29.5% in accumulated amounts since 2008, the peak capacity of the financial sector.