Banca March earns 327 million, a 103% increase, and double-digit growth in customers

Banca March earns 327 million, 103% more, in 2023 and double-digit growth in both private and corporate banking clients. The entity headed by José Luis Acea includes in the figures presented on Tuesday a capital gain of 89.1 million euros from the sale of the insurance broker March RS to Howden Iberia.

The results for the year were driven by the growth in banking activity and this customer acquisition, with an added boost from the personal banking business, which is consolidating its position as a lever for accelerating the bank's digitalization, they said. Thus, the volume of private banking and wealth management business advanced by 10% year-on-year and stood at 25.9 billion euros at the end of 2023, while assets under management increased by 13%.

With these figures on the table, the bank managed to raise its profitability to 13.58% from slightly above 8%. On the capital side, CET 1 was 21.26%. Liquidity ratios -LCR (325.9%) and DTL (168.1%)- and coverage of doubtful risks (51.47%) also improved. In this regard, Acea emphasized that

In this way, Banca March more than achieved the objectives proposed in its 2023-2025 strategic plan, although it refuses to modify them this year. "They are a minimum," Acea recalled during the results press conference.