July 29, 2021

Ibercaja earns 72 million, 10% less, and prepares the IPO for 2019 | Economy

Ibercaja earns 72 million, 10% less, and prepares the IPO for 2019 | Economy

Ibercaja recorded a net profit of 72.5 million in the first nine months of 2018, 10.1% less than the same period of the previous year. The fall is due to an increase in the payment of taxes after the sale of non-deductible shares.

The margin before write-downs goes up 10% and the provisions of the account go up. Recurring revenues stood at 699 million, up 1.8%. Customer funds rose to 56,687 million (+ 2.4% year-on-year), due to asset management and life insurance, whose volume increased to 25,889 million (+ 5.3% year-on-year). The return on capital is 4%, "a weak rate that will increase in future years", point from the entity. On the other hand, Ibercaja continues with its plan to go public, an operation for which it has until December 2020. However, it expects to quote next year, so as not to delay the deadlines, according to Ibercaja sources. To achieve the success, have hired Rothschild as independent financial advisor.

The Ibercaja Foundation has 88% of the bank's capital and has to go down to less than 50% by the end of 2020. The bank expects to obtain a good price, although none has been set and it assumes that it will not be listed. once value books, which would be a price much higher than the current Unicaja or Liberbank. "We hope it will be appreciated that we are a well-situated regional franchise, with positions in Madrid and the Mediterranean arc, and with recurring income from asset management," they say in the bank.


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