Customer resources and credit investment
As reported by the entity, the Creand group’s customer resources have experienced an increase of 11.93% and have reached the figure of 24,893 million euros. On the other hand, the credit investment of the group remains stable and has stood at 2,727 million euros.
Profits from international business and insurance
Creand Group profits have been boosted by international and insurance operations. Around 20 million euros of the total profit come from the international business, while 7 million come from the insurance business.
Synergies and acquisitions
2023 has been a year of consolidation for the Creand group, thanks to the synergies generated by the acquisitions of GBS Finance’s Family Office business in the Spanish market and Vall Banc in Andorra. These acquisitions have been key to the growth of the group’s results.
Leadership in Andorra
The financial results continue to place the Creand group in a leadership position in Andorra. The group stands out for the figure of customer resources, which stood at 9,539 million euros, and for the credit investment, which reached 2,415 million euros.
International business volume
The Creand group has a prominent presence at international level, with approximately 60% of the business volume located outside Andorra. The subsidiary in Luxembourg, Creand Wealth & Securities, experienced an increase of 12.49% and reached 10,677 million euros. The subsidiary in Spain, Creand Wealth Management, has reached a business volume of 4,153 million euros, 21.12% more than the previous year. In addition, Miami continues to consolidate itself as the center of the group’s financial activity on the American continent, with a business volume of 2.02 billion euros (https://www.softcatala.org/resum-de-textos- in Catalan/).
Solvency and liquidity ratios
The solvency and liquidity ratios of the Creand group demonstrate the solidity of the entity. The liquidity ratio (LCR) stood at 155.92% and the solvency ratio at 17.78% (16.04% CET1). The group’s own funds stood at 607 million euros.
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 achievement of a higher than expected business volume. Cornella has expressed the group’s intention to continue working to achieve the goals set in the 2024-2026 strategic plan, with the aim of being a benchmark in customer service, innovation and digital transformation, and ensuring excellence and the sustained and sustainable growth of the group (https://www.softcatala.org/resum-de-textos-en-catala/).
Perspectives futures
Looking ahead, interest rates are expected to ease in the coming years, although they are not expected to return to eight-year lows. The Creand Group is ready to adapt to market changes and continue to generate profits.