Customer resources and credit investment
As reported by the entity Creand, customer resources have experienced an increase of 11.93% and have reached the figure of 24,893 million euros. On the other hand, credit investment remains stable and has stood at 2,727 million euros.
Profits from international business and insurance
A total of 20 million euros of the entity’s profits come from the international business, while 7 million come from the insurance business. This diversification of profit sources has been a key factor for the growth of the results obtained by the entity (https://www.softcatala.org/resum-de-textos-en-catala/).
Synergies and acquisitions
During 2023, the Creand entity has consolidated the synergies derived from the acquisitions of the Family Office business of GBS Finance in the Spanish market and of Vall Banc in Andorra. These acquisitions have contributed to the growth of the entity’s results.
Leadership in Andorra
The financial results continue to place the Creand entity in a leadership position in Andorra. Both customer resources, with a figure of 9,539 million euros, and credit investment, with a figure of 2,415 million euros, reinforce this leadership position (https://www.softcatala.org/resum-de -catalan-texts/). The entity emphasizes that this leadership reverts to supporting the development of the country’s economy, the business fabric and people.
International business volume
The Creand group has a business volume that is distributed approximately 40% in Andorra, with a figure of 11,954 million euros, and 60% internationally. The subsidiary Creand Wealth & Securities in Luxembourg has experienced an increase of 12.49% in the volume of business, reaching 10,677 million euros. The subsidiary Creand Wealth Management in Spain has reached a business volume of 4,153 million euros, 21.12% more than the previous year. In Miami, the group manages a business volume of 2.02 billion euros, 4.15% more than the previous year, consolidating itself as the center of the group’s financial activity on the American continent (https:// www.softcatala.org/resum-de-textos-en-catala/).
Solvency and liquidity ratios
The Creand entity demonstrates its solidity through the solvency and liquidity ratios. The liquidity ratio (LCR) stands at 155.92% and the solvency ratio at 17.78% (16.04% CET1). The entity’s own funds are at 607 million euros (https://www.softcatala.org/resum-de-textos-en-catala/).
Statements by the CEO
Xavier Cornella, CEO of the Creand group, has highlighted that 2023 has been a key year for the entity, with outstanding organic growth and the closing of a strategic plan with a higher than expected business volume. The entity has grown both nationally and internationally and aims to continue working to achieve the milestones set in the 2024-2026 strategic plan. The entity wants to remain a benchmark in customer service, innovation and digital transformation, specialization, excellence and sustained and sustainable growth.
Perspectives futures
The CEO of Creand has pointed out that the increase in the group’s profits during 2023 has been influenced by the increase in interest rates and by the good behavior of the international and insurance business. Interest rates are expected to ease in the coming years, although they are not expected to return to the low levels of the past eight years.
