The Andbank Group increases its earnings by 14.9% to above 46 million euros and acquires a business volume totalling 52,362 million euros, 26.1% higher

Escaldes Engordany, 9 April 2025.

The Andbank Group ended 2024 with a 14.9% increase in earnings, above 46 million euros, and a business volume totalling 52,362 million euros, a figure constituting 26.1% growth.

Assets under management grew by 27.7% to 48,890 million euros, in other words, 10,567 million euros more, while credit investment rose by 7.5% to 3,472 million euros. The acquisition of new business added an asset volume totalling 7,798 million euros, while the revaluation of customer portfolios amounted to 2,765 million euros (with an average of 7.2%).

The ordinary margin increased to 339.215 million euros, a figure 12.8% higher than the one
recorded in the previous year. The EBITDA (operating margin before depreciation and
amortisation) stood at 109 million euros, up 32%.

In Andorra, the bank increased its business volume by 29.5% to 6,588 million euros. Credit
investment in Andorra grew by 15.3% to 1,041 million euros.

According to Andbank chairman Manel Cerqueda Donadeu, “we’ve witnessed record business
growth in both Andorra and Spain thanks to our distinctive value proposition”. In this regard,
Andbank CEO Carlos Aso underlined that “the key to Andbank’s growth is its human team, due to their professionalism, motivation, dedication and commitment to excellence”.

Andbank increased its equity to 728 million euros. The TIER 1 solvency ratio stood at 16.85% in consolidated terms and at 28.17% in Andorra. The LCR liquidity ratio rose to 386%, a figure almost four times above the 100% minimum liquidity coverage ratio and well above the European average (161%). As for the LTD (Loan to Deposit) ratio, it stood at 41.41%, while the non-performing loan ratio fell to 0.95%.

In 2024, Fitch Ratings confirmed Andbank’s BBB rating with a stable outlook, positioning it as the bank with the best classification in Andorra.

As key factors in this assessment, the rating agency highlighted its moderate risk profile and conservative liquidity management, the quality of its assets, the international scale of the institution, its specialisation in private banking and its adequate capitalisation and profitability.

Similarly, Fitch emphasised Andbank’s international dimension (“the largest bank in terms of managed assets in the Principality”) and its business scale, with a significant presence in Spain, greater than that of its Andorran counterparts, a factor in the bank’s appropriate profitability and profit generation.

In June 2024, Andbank acquired 75% of Gesconsult, one of the first independent management companies in the Spanish market. With this operation, Andbank added 300 million euros of volume to its business in Spain, thus reinforcing its standing in the asset management and private banking industry, in which it has positioned itself as the leading specialist institution when it comes to asset volumes. The institution has also launched new private banking centres in Asturias and Majorca.

MyInvestor, the neobank invested in by Grup Andbank, AXA, El Corte Inglés and several family offices, ended 2024 with record 90% growth, achieving a business volume of 8,332 million euros and a net profit totalling 6.5 million euros. MyInvestor doubled its customer base to nearly 435,000.

Commitment to society
In 2024, Andbank continued to reinforce its corporate social responsibility, focusing in particular on cancer research. The Group extended its support to the SJD Pediatric Cancer Center in Barcelona, the FERO Foundation, the Contigo Foundation and CRIS against Cancer, as well as the solidarity wig bank created in Andorra. Andbank also promoted several initiatives with NGOs to support institutions that act within the communities in which the Group operates.