MoraBanc grows 4.5% in terms of profit and 15% in asset under management

MoraBanc grows 4.5% in terms of profit and 15% in asset under management

MoraBanc closed 2019 with net profit up 4.5% at €25.14 million. Assets under management have increase 15% to €7.514 billion, an increase of almost 1 billion. The institution has maintained a positive trend for the third consecutive year, in line with its strategic plan, and has grown recurrently in all business lines.

MoraBanc also increased its solvency level during 2019. By 31 December the CET 1 fully loaded solvency ratio had risen to 22.55%. This data reaffirms the robustness of its balance sheet and the bank’s asset strength.

Credis and loans have increased 13% during 2019, and the default ratio improved from 3.8% in 2018 to 3.3% in 2019.

MoraBanc Chairman Pedro Gonzalez Grau stated that “the 2019 results are very satisfying. The profit growth for the third consecutive year, achieved with sustainable and recurrent growth in all lines, shows the robustness of our business model, focussed on adding value to the client”.

For the MoraBanc CEO, Lluís Alsina, “MoraBanc in progressing in results and client services, in a year in which we have presented promising projects such as the collaboration with Goldman Sachs Asset Management and a strategic alliance with Pyrénées. The valuation is good and the expectations for 2020, which we have indicated with the opening of MoraWealth in Barcelona, are even better”.

MoraBanc’s excellent progress was rewarded with international recognition in 2019. For the second consecutive year, the Bank was named 2019 Bank of the Year in Andorra by The Banker magazine, a member of the Financial Times group. MoraBanc has won this award three times in the last five years. Also for the third year in a row the specialist publication World Finance awarded MoraBanc the prizes for best App and online banking in Andorra.