News
11/09/2019
Profit from 76.4 million euros for LABORAL Kutxa
LABORAL Kutxa has maintained its positive trajectory in the first half of 2019 and has also improved slightly in this difficult environment. In fact, negative interest rates and the credit-boosting competition make it difficult to expand financial margins, and this is why restrictions on generating results in a typical bank business continue.
However, in this tight context, net income accumulated in the first six months of 2019 was $ 76.4 million, up 0.9%.
Also, the total volume of aggregate business posted a net growth of 1,343 million euros during the semester; this is an increase of 3.92% since last December.
Bankruptcy and liquidity levels remain very high, as shown by CET1 ratios of 18.38% and 71.10% LTD. The delinquency rate continued to fall, reaching 4.14%, down from the sector average level (5.65% at the end of May).
Interest margin was $ 122 million, down 2.12% over the same period in 2018. The impact of the new IFRS16 regulations on lease accounting and the impact of the evolution of Euribor on the mortgage portfolio are, in part, the drivers of this decline.
Among the measures that have been adopted in accordance with the prudential criteria used by the entity in its management is the purchase of fixed income portfolios classified as a deadline. As a result, the results of the semiannual financial transactions decreased significantly. Including € 51.5 million in commissions and € 26.5 million in dividends and other financial transactions, gross margin was € 200.1 million, down 5% from June 2018.
LABORAL Banks continue to manage costs efficiently. For example, administrative expenses totaled $ 110.6 million, down 2.1% on the same period in 2018.
Digital transformation
The last stage of the Zabaltek project was completed last June; this is the final stage of the project to switch major applications from the mainframe environment to the open environment. Thanks to this new architecture, LABORAL Kutxa will fully address the technological and business challenges of digital transformation: it will reduce development times and costs, optimize information management and adapt the integration of new platforms to Open Business.
LABORAL Kutxa has 414,000 active customers in the online banking sector, which is notable for its increasing use of the mobile terminal. This same trend is seen in the immediate delivery of DISPON loan contracts. In this type of financing, the mobile channel already accounts for 40% of the total. And for the purchase financing service, 63% of deferred payments are handled through a mobile terminal.
With regard to mobile payment, 100,000 transactions are performed every month. The exclusive LKPay application offers two-way payments, NFC and Biz2 P2P, which already has more than 128,000 users, growing 83% year-over-year. To complete the payment proposal, Apple Pay also offers mobile payment as of December last year. Since then, mobile payment transactions have quadrupled.
And in the area of innovation and new developments, LABORAL Kutxa has launched its digital accident service, which is included in the online section of insurance, and can report a business or home accident. And other great information, along with the schedule of work, contact with experts and repairers, talking to the manager in charge of the party, and more.
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