The entity’s own resources amounted to 259 million and increased by 4.25 percent the credit to families and businesses
The Basque credit cooperative Ipar Kutxa closed 2009 with a net profit of 13 million euros, 5.1 percent less than the 13.7 registered the previous year, according to a press release.
Ipar Kutxa indicated that this decline is motivated, to a large extent, by the policy of “immediately” transferring interest rate decreases to the majority of clients, and has been compensated, fundamentally, by the reduction of the administration by 8.8 percent and by the containment in the increase in delinquency.
He added that, despite the general financial crisis that has characterized the last financial year, the entity has managed to “increase its banking activity, keep delinquency at bay and increase its liquidity ratio”.
At the end of the year, Ipar Kutxa’s net liquidity reached the figure of 287 million euros, which represents a coefficient of 14.5 percent, “well above the industry average”.
The cooperative stressed that it is a “particularly relevant” data in the context of the liquidity problems that have been affecting the financial system as a whole since the beginning of the crisis.
He also stressed that the wholesale financing in the entity only constitutes 17.1 percent of the balance, a figure that represents half of what this type of financing entails in all the banks and savings banks of the State.
On the other hand, and against the “general trend of brake” to the granting of loans, Ipar Kutxa increased by 4.25 percent the credit to families and businesses, which reached the figure of 2,394 million euros.
Also, the cooperative stressed that its commitment to the Basque business fabric is seen in the increase in credit investment with companies in more than 30 percent.
He also highlighted the volume of loans agreed with the Basque Government, where, of the 19 financial entities that have participated in the agreement, Ipar Kutxa was the fourth, with a quota of 8 percent.
As indicated, all this has been done keeping “under control” delinquency rates in a ratio of 2.32 percent, less than half the system, and with a coverage of doubtful loans that stands at 103.81 per hundred. Ipar Kutxa said that they have a generic coverage that is at maximum levels of 125 percent and unused.
Ipar Kutxa’s own resources amount to 259 million euros, which represent a solvency ratio of 14.9 percent (TIER1 and Core Capital of 12.7%), which surpasses, “amply”, the Bank’s demand for Spain (8%).
On the other hand, the resources managed by the private sector rose to 2,193 million, which represents an increase of 8.72 percent. In this section, highlights the growth of Izarpension EPSV (+ 18.2%), investment funds (+ 16.3%) and savings at sight (+ 16.3%). Overall, banking activity reached 4,694 million euros.
The cooperative also highlighted that the objective quality study in banking networks of the Basque Country carried out in 2009 by the specialized company STIGA places Ipar Kutxa in first place – the IQUOS 2009 index – with respect to financial institutions based in Euskadi.
According to said, this data has also been corroborated with the Omnibus 2009 study carried out by the consultancy Ikerfel, where it was concluded that 94 percent of the cooperative’s preferred customers are satisfied (average of 4.3 out of 5) of the quality of service rendered, compared to the average of the rest of the entities, standing at 70 percent (average of 3.8 out of 5)
Ipar Kutxa promoted in 2009 the creation of the non-profit gbe-ner association, which brings together ten Basque business organizations and more than 1,300 people. The initiative promotes a style of relationships based on people and develops social and business projects. For this, each company voluntarily contributes with 5 percent of its annual result and 2 percent of its people’s time.
The cooperative has launched a pioneering campaign, in line with the philosophy of a large part of its clientele. The contributions to Izarpension EPSV during the year 2009 have added Ipar-Puntos and generated donations for charity projects selected by the clientele among 14 NGOs of recognized trajectory and prestige.
Ipar Kutxa currently has a staff of 405 people, more than 90 percent with a fixed contract and a portfolio of 155,000 clients. The commercial network includes 92 branches in the main population centers of Bizkaia, Álava and Gipuzkoa.
The entity indicated that, in a general context of containment, it has undertaken its expansion plan in the Gipuzkoa territory, inaugurating three new offices in 2009 in the towns of Tolosa, San Sebastián and Hernani, and foresees two new openings in Eibar and Beasain to the first quarter of 2010.