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– The bank added 3.257 billion euros in new customer positions, a record figure for organic acquisition.
– Assets under management rose to 31.241 billion euros and credit investment stood at 3.092 billion.
– The Liquidity Coverage Ratio (LCR) held at 234% and the Loan to Deposit Ratio (LTD) was 60%.
– The bank also has a consolidated TIER1 solvency ratio of 15.7% and a non-performing loan ratio that fell to 1.6%, one of the lowest in the sector.
scaldes Engordany, April 27, 2023.
Andbank, the international group specialising in private banking, closed 2022 with a profit of 30 million euros, 11% up on the previous year, and with business volume of 34.333 billion euros, an increase of 5%. Assets under management grew to 31.241 billion euros, an increase of 3% despite the market falls seen throughout the year, while credit investment increased by 23% to 3.092 billion euros.
In 2022, Andbank added 3.257 billion euros of new customer positions, a record figure for net organic acquisitions. This increase is mainly thanks to the trust that clients have in the bank, the opening of new private banking centres, the incorporation of bankers, and the bank’s commitment to projects such as MyInvestor in Spain and Myandbank in Andorra, to adapt to customers who are more digital-oriented and democratize investments.
According to Manel Cerqueda Donadeu, Chairman of Andbank, “our specialisation is key to continuing to grow in complex financial market situations”. For his part, Group CEO Carlos Aso highlights in this context the importance of “offering a differential service based on proximity, service, technology and products that truly provide clients with value”.
Andbank closed 2022 with a return on tangible equity (ROTE) of 11.1%, a profitability indicator that confirms the robustness of the Group’s business model. What’s more, the bank continued to manage its efficiency by increasing its own resources to 606 million euros, and for another year positioning its solvency and liquidity ratios above the parameters required by the Basel III agreements and above the European average.
Accordingly, the TIER1 solvency ratio stood at 15.7% consolidated and 27% in Andorra. The Liquidity Coverage Ratio (LCR) held at 234%, well above the minimum liquidity coverage ratio of 100%, while the Loan to Deposit Ratio (LTD) ratio stood at 60%. For its part, the non-performing loan ratio fell to 1.6%, one of the lowest in the sector.
Andbank currently has a presence in 11 countries with five fund managers, six advisory and wealth management companies, four brokerage firms and four banking licenses in Andorra, Spain, Luxembourg and Monaco.
In terms of corporate transactions, this year the sale of Andbank’s banking license in Brazil to Creditas, a platform for digital financial solutions, was notable. Based on this agreement, Andbank is operating in the South American country as a securities company (broker dealer) and investment fund manager.
Furthermore, in Spain, MyInvestor – the neobank of Andbank, El Corte Inglés, AXA and several family offices – started operating as an independent bank after obtaining a banking licence.
For its part, the bank reached an agreement with the wealth-management firm Clarity Capital Group in Israel in order to complement the investment fund management services that it offers in the country through Sigma Investment House. The combination of these businesses created a major new player in the Israeli asset-management industry.
Andbank Group’s value proposition is based on offering a comprehensive wealth-management service through specialists in various fields: investment management and personalized mandates, wealth and tax planning, or alternative investments and ESG.
As for its products and services, of note are its range of alternative investment vehicles, an area in which Andbank is very dynamic. Over the course of 2022, the bank promoted investments to its clients in debt, infrastructure and real estate projects, reaching nearly 1.4 billion euros of investment in these types of products.
In 2022, Andbank continued to strengthen its corporate responsibility activities, with particular focus on one of its lines of action: support for research in the fight against cancer. In this area, the Group has continued to support the SJD Pediatric Cancer Center in Barcelona, the FERO Foundation and CRIS Cancer.
What’s more, last year Andbank promoted several initiatives with NGOs in order to give extraordinary support to other charitable projects that emerged in the wake of the Russian invasion of Ukraine.