28 March 2016
- This week, the Cecabank Annual General Meeting approved the 2015 financial statements. They recorded a profit of 77 million euros
- Cecabank has closed 2015 with a solvency ratio of 25.36
Cecabank is a bank that provides services to other banks in the financial system. It specialises in Securities Services, treasury management and other wholesale banking services. The company, chaired by Antonio Massanell, held its Annual General Meeting this week. In it, they approved the management reports and earnings for 2015.
Cecabank recorded attributable profit of 77 million euros. It remains a financial institution with one of the highest solvency ratios in the country, after placing the CET1 at a rate of 25.36% at year end.
Cecabank figures were supported by the good performance of fee income, which was 14.5% up on 2014. Figures from the Securities Services business increased by 38%, to 22.8 million euros, as a result of the incorporation of the new depository businesses. During 2015, Cecabank assumed the deposit of funds of the managers linked to the Barclays Group, Unicaja (CEISS), Abante and Banco Madrid, among others. The gross income rose by 16.1% to 279 million euros.
Financial margin and costs
The financial margin showed great fortitude again, rising by 18.5% in 2015 on the previous year. This growth is especially significant when the difficulties of the current circumstances of low interest rates are taken into account.
We must also emphasise the major effort made by Cecabank to reduce costs. The group managed to reduce general administrative expenses by 3.4% and personnel expenses by -4% (-2.2 million).
In 2015 the credit rating agency Moody’s raised the rating of Cecabank by four notches to Baa2. According to the agency itself, this new rating recognises the high capitalisation and liquidity of the company, and reflects “the success of the strategic reorientation based on the provision of value-added services to the financial sector”.
