The entities associated with CECA report a result of 2.155 million in the first half of 2022
According to what is published today by the Bank of Spain on its website, the entities associated with CECA have achieved a total attributed result of 2.155 million euros in the first half of 2022, compared to 4.671 million euros obtained in the previous year. However, the results of 2021 were affected by the extraordinary impact derived from the integration processes undertaken in the previous year (CaixaBank-Bankia and Unicaja-Liberbank).
On the revenue side, the interest margin decreased by 3.1% compared to the first half of 2021. Financial income moderated its decline to -2%, but the effect of rising interest rates is also reflected in financial costs, which increased at a similar rate (2.1%).
Despite this, the gross margin remains practically stable (0.6% in June) with a positive performance from commissions, which grew by 5.8% due to increased commercial activity in the gradual economic recovery, and from other net operating income. Both items offset the decline in profits from investee companies (-33.6%) and from ROF (-70.9%).
On the expense side, restructuring processes and the synergies achieved from the mergers in the Sector have allowed for a containment of operating expenses. All in all, the efficiency ratio stands at 55% in June 2022.
Despite an uncertain economic environment and high inflation threatening the pace of economic recovery, credit risk remains contained, standing at 3.4% in June for the Sector, which is 0.4 percentage points lower than the rate recorded a year ago. This has allowed for a reduction in losses due to impairment of financial assets (220 million euros less than in the first half of 2021), which has positively impacted the result.
Return on equity (ROE) stands at 7.3% in June 2022, lower than the 15.7% recorded in the first half of 2021, although this decline is primarily attributed to the accounting of extraordinary items from the previous year.
Similarly, entities in the Sector achieved a CET 1 ratio of 13.1% in June 2022, comfortably exceeding the minimum capital requirements mandated by the European Central Bank (ECB).
