Cecabank increases its profit by 27% in 2021, to over €69 million

21 April 2022

  • In 2021, Cecabank strengthened its leadership in Securities Services after increasing revenues from this line of business by 45%
  • The bank has closed the financial year with a CET1 solvency ratio of 30.1%

MADRID, 21 APRIL 2022.

Cecabank, the Spanish wholesale bank offering specialised services in securities, treasury management and payments, has presented its results for the 2021 financial year.

Profit after tax stood at €69.2 million, the best figure since 2017 and 27.3% more than in 2020, when the company reached a result of €54.4 million. This good performance has been achieved through significant revenue growth.

Fees and commissions increased by 27%, to €228.4 million. By lines of business, the bank strengthened its leadership in Securities Services in 2021.These include all post trading services for marketable securities and financial instruments such as depositary, registry, custody, clearing and settlement services. The institution has demonstrated in-depth knowledge and growing specialisation in custody and depositary services. Revenues from these lines have increased by 45%.

At the close of 2021, Cecabank had assets under custody totalling €297,682 million, 59% more than in 2020, and deposited equity in excess of €213,600 million from 42 fund managers, six more than in 2020.

Cecabank is also responsible for processing payment transactions, with more than 1,100 million transactions processed this year for cards issued by financial institutions and more than 92 million Bizum transactions.

The financial margin stood at €76.9 million, 15.5% higher than in 2020, despite the context of low interest rates.

On the expenditure side, personnel expenses are impacted by the severance payments of the redundancy plan implemented by the institution in 2021. Without this effect, they would be 1% below those of 2020. Meanwhile, administrative expenses increased by 7.5%, mainly due to the technological investments undertaken to cope with the growth of the business and the regulatory and statutory adaptations.

José María Méndez, CEO of Cecabank, assesses the results for 2021: "The figures for the financial year confirm Cecabank's position as the leading independent depositary in the Iberian market. In addition, in the past year we have strengthened our customer base and our portfolio of services, which has allowed us to continue to create value for the market. The results we report allow us to continue to guarantee a high level of satisfaction and quality for our customers".

 

Once again this year, it has won the award for the Best Custodian Bank in Spain in 2022

For a sixth consecutive year, Cecabank has been chosen the best custodian bank in Spain for 2022 by the specialist magazine Global Banking and Finance Review. This award represents further acknowledgement of the bank's leadership as a depositary and its outstanding position in post-trading activity in Spain.

Global Banking and Finance Review is a European publication which grants this award to one of the institutions nominated by the magazine's subscribers. The publication assesses different aspects of the institutions when selecting the winner. It takes into account factors from improvements in innovation to achievements and significant progress at the corporate level.

The award for best custodian bank in Spain 2022 is highly recognised in the financial sector. It was awarded to Cecabank mainly due to its leadership and specialisation in Securities Services. The award also recognises the bank's strong solvency, with a year-end CET1 ratio of 30.1%, one of the highest in the Spanish banking system.

SEE PDF