Tue. Jul 16th, 2019

Caja de Ingenieros gains 8.8% less despite expanding its clients by 17% | Economy

Caja de Ingenieros gains 8.8% less despite expanding its clients by 17% | Economy

Engineers box It again expanded its customer base in 2018. It reached 187,410 members, 16.8% more, and, as it happened a year before, it grew again significantly after the two large Catalan entities, CaixaBank and Banco Sabadell, will move their headquarters in 2017 from Barcelona to Valencia and Madrid, respectively. That growth, however, had no correlation in the benefits. The credit union gained 11.16 million euros, 8.8% less than a year earlier.

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Its president, Josep Oriol Sala, explained today that the fall in profits is explained by the need to invest to meet the increase in customers, basically in digitization (eight million euros), and the current context of low rates of interest, which weighs the accounts of all the financial entities.

The director general of the entity, meanwhile, has explained that another factor that has put pressure on the net benefit of the entity is the pressure of the "technological giants and the complex and constant regulatory pressure."

Despite the short-term impact of the improvement in the number of partners, Cavallé has argued that this change "is an element that gives us a more relevant long-term projection".

The volume of business of the box was 6,190 million euros, 7.65% more, while the resources managed by customers stood at 4,363 million, a 14.9% more. On the other hand, loans to associates grew by 5.3%, reaching 1,697 million euros.


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