Informe_Anual_Cecabank

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Page. 33 Cecabank 2015 Annual Report
The bad debt rate continues to fall, as it has since
the beginning of 2014, but it is still around 10 per
cent, above the European average.
The low return on time deposits continued to
lead to a move away from these instruments
towards off-balance-sheet funds and particularly
investment funds. In 2015, the assets accumulated
in investment funds in the first twelve months of
the year increased by some 25 billion to reach 220
billion, the highest figure since February 2008.
Theprolongationof ascenarioof very low interest rates
is leading to a much narrower net interest margin,
which has only been partially offset by the efficiency
gains associated with restructuring. Consequently,
attaining sustainable profitability levels is one of
banks’ main concerns and, in some cases, this means
re-orientating their business strategies to adapt to the
new economic and regulatory environment.
Net subscriptions Appreciation
Investment funds. Change in assets
Accumulated from January to November
Source: Inverco
2013
+8,000 M. euros
+20,000 M. euros
2014
+5,000 M. euros
+35,000 M. euros
+300 M. euros
2015
+20,000 M. euros
03 Our Business Model