Andorran banks’ profit for 2019 increased by 12.5%

At the end of 2019, the amount of funds managed by Andorran banks reached a total of 49.714 million euros. This figure has grown by 11% compared to 2018 and doubled over the past decade.

The total profit of Andorran banks also increased to 112 million euros, which is 12.5% ​​more than in the previous year. These figures are not yet confirmed by auditors and relevant authorities.

Over the past year, all banks maintained their international ratings.

The Andorran Banking Association also highlights in its reports the return on equity (ROE) ratio, which shows the stability of the country’s banking sector – 7.76%. This is higher than the average for European banks (6.60% in the third quarter of the European Central Bank). The capital ratio CET1 as of December 31, 2019, was 16.98%, which is higher than a year earlier (16.30%) and higher than the average for European banks, which, according to the ECB, was 14.37%. 2019 was the first year that entities presented solvency ratios in accordance with Basel III European criteria after the entry into force of the relevant legislation in January 2019.