Laboral Kutxa follows the profit trajectory of the banking sector and in the first half of this year its results jumped 25% to 65 million euros, despite the economic context that the entity recognizes “full of uncertainties and economic growth slowed by a radical change of scenery. Moreover, it is a period when the rise in interest rates is not yet noticeable. In fact, Laboral Kutxa points out that the margins of the typical banking activity have been strongly influenced by the interest rate curve and the narrowness of margins and decreased by 1%, which was offset by a 10% increase in service income, i.e. by fees, where the entity highlights the growth of investment services provided to clients in funds and plans, which increased their contribution by 12%, and that of means of payment, which contribute more than 16%. period, the crime rate was also reduced at 2.58%, below the public banking sector average, which stood at 4.08% in the latest May data. A rate of unpaid bills that the entity emphasizes having reached “without having to resort to the sale of doubtful portfolios to third parties.
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The entity integrated into the Mondragon group also points out that the credit portfolio “has not shown any signs of deterioration”, so that the extraordinary provision of 100 million euros set up in 2020 and 2021 to deal with possible contingencies derived from COVID -19 should not be used.
Customer savings managed by Laboral Kutxa amount to more than 28,500 million euros, with an increase of 3.4% compared to the same period of the previous year and investment in credit reaches 15,614 million euros, which represents an increase of 3.4% compared to the previous year. year comparison. In this increase in loans, business financing stands out, “where new formalizations for investments increased by 42% compared to the end of the first half of 2021”. In this section, the volume of investment formalized by the segment of cooperatives and large companies stands out, as well as the significant increase in the volume of financing of circulating assets, which has increased by 31% in the last 12 months. For its part, financing to families continues to grow, with an increase of 1.1% in their total balances, which in the case of mortgages, the growth is 0.9%.
Regarding consumer credit, the volume of new formalizations increased by 27.2% and its total balance by 4%, mainly due to the end of the restrictions derived from the pandemic and the consequent increase in the propensity to consume . In this section, in addition to growth, at the service level, the entity reported that 55% of consumer loans formalized in the last 12 months have been in the DISPON modality, which allows customers linked to the entity to have direct access to your loan immediately and without any paperwork, having increased by 30% over the period.