In 2013 the profit growth of Credit Andorra Bank, Andorra (Pyrenees) made up 0.53%, its level came up to 71.24 mln euro. Taking into consideration the general difficulty of economic situation in Europe, the management of the bank is totally satisfied with the result. Positive results were attained by means of progressing expansion of foreign markets.
Credit Andorra keeps on remaining the leader of Andorran banking sector. In accordance to “Financial Times”, the bank won the first prize in the category “private banking”.
As the bank says, the volume of business increased by 7.36% in comparison to the index of 2012 and made up 15.472 mln euro, the general volume of resources also expanded—it made up 9.82% or 12.418 mln euro in response to 2012. The bank also managed to keep its credit portfolio : it is estimated to be 3.053 bln euro.
As for “capital adequacy”, it made up 19.14%, which surpassed the minimum accepted level (it makes up 10%) twice. In 2012 this index was fixed at the level of 17.8%. The bank liquidity was estimated to be 59.89% at the minimum accepted level of 40%. The gross income made up 227.92 mln euro, which is by 16.5% more than in 2012. The performance margin of the bank demonstrated the index of 114.69 mln euro (the growth by 53.72%).
The shareholders’ equity increased from 546 mln euro in 2012 up to 575 mln euro in 2013.
By the end of 2013 the amount of employees made up 696 persons (specialists that represent 25 different nationalities). In Andorra the bank employs 412 persons.
The Managing Director of Credit Andorra Josep Peralba noted that a part of the strategic plan is the consolidation of business model in Andorra, the proceeding of Latin America expansion and the development of business in Europe. “The expansion of our presence will allow us to become compatible players of the global market”—added Josep Peralba. In accordance to his words, besides Andorra, the major accent is put on Spain, Luxembourg and Panama.
During 2013 Andorra was constantly intensifying its activity in Switzerland by means of assets management and acquiring 9.9% of Banque Genevoise de Gestion.
Currently Credit Andorra is present in 10 countries: Andorra, Spain, Luxembourg, Switzerland, USA (Miami), Mexico, Panama, Paraguay, Peru, Uruguay.
Fitch Ratings keeps the long term credit rating of the bank at the level of A- and short-term—at the level F2.
Bank also marks the fulfillment of the social obligations by donating the funds for financing educational, social, cultural and sporting programs, and also for environment protection activity.
See also Andorra business guide
See also Andorra company formation
See also Taxes in Europe
