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The group increases its assets under management by €7,351 million and its credit investment by €253 million.
The EBITDA (operating margin before depreciation) rises to €83 million, 44% above the previous figure.
The bank also has a 16.93% TIER1 solvency ratio and a delinquency rate totalling 1.3%, one of the lowest in the sector.
Escaldes-Engordany, 27th March 2024.
Andbank, an international group specialising in private banking, ended 2023 with a 33% increase in profits, above €40 million, and a business volume amounting to €41,550 million, a 21% rise.
Credit investment increased by 4% to €3,225 million and assets under management went up by 22% to €38,225 million, in other words, a rise of €7,084 million. The capture of new business added €4,810 million to the assets under management and the revaluation of the customer portfolios brought €2,274 million of growth.
The ordinary margin increased to €268 million, 18% higher than in the previous year. The EBITDA (operating margin before depreciation) rose to €83 million, 44% above the previous figure.
According to Manel Cerqueda Donadeu, Chairman of Andbank, “this growth is due to the dynamic nature of the institution, which stems from our constant search to offer the very best service to our customers”. In this regard, Andbank CEO Carlos Aso highlighted that “we’ve achieved record profits in Spain, Luxembourg and Monaco and we’re once again witnessing significant growth in the Andorran market”.
Principal indicators
Andbank increased its own resources to €688 million and positioned its solvency and liquidity ratios above the parameters required by the Basel III agreements and above the European average.
In this sense, the TIER1 solvency ratio stood at 16.93% consolidated and 29.25% in Andorra. The LCR liquidity ratio remained at 290%, almost three times above the minimum liquidity coverage ratio of 100%, while the LTD (Loan to Deposit) ratio stood at 51%. Moreover, the delinquency rate fell to 1.3%, the lowest figure in the sector.
Commitment to digital and innovation
Myandbank, Andbank’s online channel in Andorra, ended the financial year with 13,800 customers and a business volume totalling €95 million, reflecting the Andorran market’s acceptance of fully digital solutions with value-added investment products and low fees.
MyInvestor, the neobank partly owned by the Andbank Group, AXA, El Corte Inglés and several family offices, achieved the first profits in its history, with €2.4 million, a business volume of €4,373 million and over 220,000 customers. MyInvestor completed a €45 million capital round in 2023, thus incorporating prestigious new shareholders to finance the neobank’s solid growth.
Commitment to society
In 2023, Andbank continued to strengthen its activity in the field of corporate responsibility and especially in one of its areas of action: support for research in the fight against cancer. In this sense, the Group has continued to support the SJD Paediatric Cancer Centre in Barcelona, the FERO and CRIS Foundation against cancer.
Similarly, last year, Andbank promoted several initiatives with NGOs in order to support institutions that operate in the communities in which the Group conducts its business.
