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- The Group made provisions totaling 1,433 million euro in a single year, 6.8 times more than those in 2011, to cover on its own the capital deficit detected by Oliver Wyman for the most adverse theoretical scenario.
- After this significant effort, resulting from the application of the new regulation on real estate assets, Ibercaja maintains a high EBA Core Tier I ratio of 10.40%, higher than the required 9%.
- Ibercaja’s non
-performing loan ratio is curbed at 5.48%, 48% below average and without having transferred any troubled assets to Sareb.
- Ibercaja completed 60,000 new loan transactions during the year. Funding for production activities grew by 3.5%.
- The availability of liquidity amounted to 12.3% of total balance sheet.
- The institution’s main income ratios have improved; recurring retail profit increased by 34% and profit before write
-downs amounted to 748 million, 163% higher than that obtained in 2011.
- Ibercaja gained market share in mutual funds, pension plans and life insurance.
- Ibercaja’s effort to make provisions resulted in a negative result of 485 million.
- It is the first financial institution whose advisory service for personal banking clients has been certified.
- The Welfare projects have focused on basic needs, support for education and protection of employment.

Zaragoza, March 1, 2013.- Ibercaja ended fiscal year 2012 achieving its primary objective: to consolidate its position among the group of the healthiest banks in the country and without having received any state aid during the crisis.

In a particularly difficult year for the financial sector, characterised by the economic recession, the decline in activity and deep regulatory changes, Ibercaja has proved to have strong recurring revenue, which along with extraordinary revenue to cover capital needs dictated by Oliver Wyman, have made it possible to obtain a profit before write-downs of 748 million, 163% higher than that in 2011. It has also managed to place its core Tier I ratio at 10.4%, well above 9% which is required from January 1, 2013, and has curbed its NPL ratio at 5.48%, which is 48% lower than the system average.

In accordance with the new provisioning requirements, Ibercaja has substantially increased provisions of its real estate assets in a single year, in full compliance with the requirements of the Royal Decrees and without selling any strategic assets. Total provisions amounted to 1,433 million euro, 6.8 times more than those in 2011, which is why the final results posted a net loss of 485 million euro.

Beyond these results, Ibercaja has achieved its objective of consolidating its position among the group of the healthiest banks in the country amid the deep and demanding restructuring of the Spanish financial system, which is expected to reach a turning point in this year 2013, a process which is critical to the recovery of the Spanish economy.

Proven capacity to generate results

Ibercaja has therefore ended the adverse 2012 preserving the strengths that allow it to be one of the most solvent institutions in Spain and one of the few Savings Banks to own 100% of its bank: proven capacity to generate results, high solvency, comfortable liquidity position and controlled non-performing loan ratio.

The capacity to generate results stands out as one of Ibercaja’s strengths. Recurring income, not taking into account extraordinary results, stood at 315 million, 33.68% higher than that in 2011. On the other hand, active management of equity and fixed income portfolios, alongside other extraordinary transactions aimed at covering the capital requirements established by Oliver Wyman -estimated at 226 million euros for the most adverse scenario- have generated revenues totaling another 433 million. These extraordinary transactions include the transfer of the custodian business of mutual funds and pension plans to CECA, repurchase of subordinated debt and other wholesale issues, the exclusivity agreement with CASER to distribute general insurance (non-life) and “sale and lease-back” transactions of about fifty own-use real estate properties.

Furthermore, as a result of the cost-containment policy that the institution has been applying since the beginning of the crisis, this year has seen further progress and operating expenses fell by 4.4%. Profit before provisions would therefore amount to 748 million, 163% more than that in 2011.

A high solvency ratio

After making a major effort to provision assets totaling 1,433 million euros in a single year, Ibercaja maintains a solvency ratio of 10.40% of risk-weighted assets, 1.4 higher than capital ratio or EBA Core Tier I, required by Royal Decree-Law 24/2012. It therefore has excess capital above 9%, as required from January the 1st, 2013, of 272 million euros.

After implementing the two Royal Decrees of the Government on real estate assets, the coverage ratio of non-performing loans is 88.82%.

Comfortable liquidity and quality assets

Preserving liquidity and asset quality, Ibercaja’s differential factor when compared with the Spanish financial system as a whole, were also priorities for the year. Ibercaja manages liquidity by diversifying sources of funding in a prudent and balanced manner, while planning its needs ahead so that they do not condition investment activity. In 2012 it has maintained a comfortable position: available liquid assets, totalling 5,467 million, amount to over 12% of the total balance sheet.

The Group's non-performing loan ratio is 5.48%, with a favorable 5.10 percentage point differential when compared to the whole of institutions or 48% below average. This position has been confirmed in Oliver Wyman’s tests, which placed Ibercaja as the institution with the second lowest expected loss in loans and foreclosed properties in the most adverse scenario. In fact, retail financing for house purchases, Ibercaja’s most significant one, has a very low ratio at 1.77%.

During 2012, Ibercaja has continued its strategy of reducing its exposure to real estate and strengthening the coverage associated with that risk. Net value of the foreclosed property assets is 772 million and the coverage associated with these assets is 48.39%, and in the case of land it reaches 58.30%. On the other hand, net exposure of loans to property developers was reduced by 34.50% in one year and an intense real estate property selling policy has been carried out, resulting in 3,170 homes sold, some of which were owned by Ibercaja and others belonged to developers who were clients of the Bank.

Performance of retail activity

In 2012, Ibercaja’s business volume amounted to 62,100 million euros. Of these, 30,664 correspond to loans and 31,436 to customer funds.

With regard to loans to customers, in 2012 there were almost 60,000 new operations amounting to 2,979 million euro. It is noteworthy that transactions with SMEs rose by 3.5%, as a result of the Group's interest in strengthening its presence among SMEs. Meanwhile, new operations of the construction development sector fell by 37.4%. In the area of corporates (SMEs), Ibercaja has been one of the most active institutions in terms of funding through ICO credit lines, increasing its share to 2.83% from 2.12% in 2011. Overall, the fall in retail loans was 5.17%, a percentage that must be framed within the deleveraging process of the Spanish economy, which as a whole fell by 8.1%.

As for customer funds, Ibercaja’s commercial policy has focused on the protection of business income, while avoiding entering the debt war and enhancing the marketing of off-balance sheet products in which the Group holds a significant position.

The performance of mutual funds, pension plans and insurance has been very positive, as gained market share in all these lines. Thus, the Bank increased its share in funds by 16 basis points to 3.61%, the highest achieved by the Group since its inception. In pension plans, market share grew by 4 basis points, reached 5.55% and ranked 6th in the sector. In life insurance, there was an 8% increase, significantly higher than that experienced by the system, which has led Ibercaja to gain two positions and rank 7th, with its market share increasing by 18 basis points to 3.15%.

In addition, both management and products have won awards from outside observers. Ibercaja Gestión received an award from Lipper in recognition of the management quality of the customer funds they manage. Also from All funds bank-Expansión, which has placed it as one of the top four mutual fund companies in Spain after assessing the quality of the fund range, service, commitment, client satisfaction, image and continued activity in the market. Two of its products have also won awards. Lipper chose Ibercaja Capital Europa FI as Spain’s best three-year fund in the Mixed Equity category. And Ibercaja Pensiones Patrimonio Dinámico was selected as best euro defensive mixed pension plan by Morningstar.

The year whose results are now being reported has also been one with professional achievements. In its commitment to maintain leadership in customer orientation and service quality, Ibercaja was the first Spanish institution whose advisory service for personal banking clients became AENOR certified based on ISO standards.


(Millones de euros y %)

Dec. 2012
Dec. 2011
% Variation
Customer funds
Loans to customers + leasing
Business Volume



(Thousands of euros)

Dec. 2012
Dec. 2011

Increase %

Net interest income
Net commissions and exchange differences
Other operating income
Recurring gross income
Operating expenses
. Personnel expenses
. Other administrative expenses
. Depreciation and amortization
Recurring retail income
Income from financial transactions and others
Profit before write-downs
Provisions and other write-downs

. Of which extraordinary Royal Decrees
Consolidated profit for the year

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