Caixa d’Enginyers has reduced its annual net profit by 23%, to 11.7 million euros. In the presentation of results this morning, the entity explained that the 2022 results have suffered the impact of the war in Ukraine, inflation, the abrupt rise in interest rates or market volatility, among other macroeconomic factors. .
“The year has been tremendously dystopian” has sentenced Joan Cavallé, general director of this financial services and insurers credit cooperative, which will present the review of its strategic plan for the next two years in July due to economic changes.
The volume managed grew by 6%, exceeding 10,500 million euros. The entity’s gross margin reached 70.3 million, 13% less than in 2021, while the interest margin stood at 38.17 million, 14% more than in 2021, driven by the increase in interest rates. However, net commissions were affected by the volatility of the markets and fell by 16%, reaching 36.44 million, due to the slowdown in the activity of investment funds.
Member deposits increased by more than 7%, to 3,690 million, while off-balance sheet deposits fell 12.5%, to 1,974 million, affected by the aforementioned falls in financial markets. Looking ahead to 2023, Cavallé has predicted that demand deposits will go from accounting for 7.6% of balance sheet resources at the end of 2022 to 40% at the end of 2023.
In this line, Cavallé has said that the entity is already remunerating 1.75% at twelve months for deposits. “We once again recover an important instrument to improve the balance sheet structure of the entity and for savers,” said Cavallé, who added that so far this year deposits have grown at a rate of 10%.
Looking ahead to 2023, the company plans to invest more than 9 million in technology as well as consolidate its operations in physical offices, after having strengthened its presence in municipalities such as Badalona or Granollers in the last year. The group has 33 branches, 22 in Catalonia and 11 in the rest of the State.
Regarding the number of members, Caixa d’Enginyers closed 2022 with 215,489 members, 1.6% more than in 2021, and the entity wants to continue growing. He assures that 2023 will be a good year because the entity has strengthened its solvency and other financial ratios.
