Andbank Spain achieves record profits totalling 10.9 million euros, a 38% increase

Madrid, 4 May 2020.

Andbank Spain, an entity specialising in private banking, ended 2019 with consolidated profits totalling 10.9 million euros (under IFRS regulations), a rise of 38% set against the previous year. The bank’s turnover in Spain amounted to 10.599 billion euros, a figure representing an upturn of 10% compared with the closure of 2019.

The ordinary margin increased by 26.75% and stood at 67.2 million euros. The EBITDA increased by 42.46% to 19.2 million euros and the consolidated profit of Andbank Spain and its subsidiaries rose by 38% to 10.9 million euros at the closure of 2019.

The entity’s credit investment grew by 88 million euros (from 356 million euros to 444 million euros) and maintained a non-performing loan ratio of 0.2%, well below the average figure for the sector, which stood at 4.79% at the closure of 2019.

According to Carlos Aso, the managing director of Andbank Spain, “this is the first time we’ve exceeded the 10 billion euro threshold in terms of business volume, placing us in a solid position to face the economic scenario of 2020, which is sure to be a complex one.”

At the end of 2019 Andbank Spain had a network of 19 private banking centres, 129 bankers, 105 financial agents and 60 contracts with investment service companies. Its business model is based on providing a comprehensive wealth management service via specialists in different areas, including investment management and personalised mandates, estate and tax planning, M&A, treasury desk, alternative investments and ESG.

More than 600 million euros in alternative investments

One of the keys to the success of the management of Andbank Spain in 2019 was its undertaking to offer its clients alternative investment products. The entity is a pioneer in offering its clients investment opportunities in real economy projects, leading to portfolio diversification and the obtaining of returns that are uncorrelated with the markets.

In this regard, Andbank Spain currently has more than 600 million euros belonging to its clients invested in these kinds of products, including funds that invest in asset-related businesses (infrastructures, property and renewable energies) and other market opportunities (venture capital funds, private equity and market operations providing the entity with value (capital increases, Alternative Equity Market (MaB in its Spanish initials) outflows, etc.).

About Andbank Spain

Andbank Spain specialises in private banking and comprehensive equity management. The entity, which closed 2019 with a turnover of around 10.5 billion euros, has a distinctive network of bankers and specialists with far-reaching experience in asset consultancy and management. In 2019 it completed the incorporation of the Merchbanc Group and the launch of the MyInvestor neo-bank.