Caixa Popular earns 21.4 million euros with a model "against the current of the financial sector"

Caixa Popular grew 22% compared to the previous year and added 21.

Thomas Osborne
Thomas Osborne
02 February 2023 Thursday 06:39
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Caixa Popular earns 21.4 million euros with a model "against the current of the financial sector"

Caixa Popular grew 22% compared to the previous year and added 21.4 million euros in profit. Some "good results" according to its general director, Rosendo Ortí, who presented the cooperative's results this morning at his office in the center of Valencia with Isabel Giménez, director of the Fundación de Estudios Bursátiles y Financieros. It also plans to grow in credit investments and reach 3,000 million deposits and close to 2,500 million euros. The results after taxes amount to 18.3 million euros, with a growth of 26%. The year ended with deposits of 2,460 million euros, an increase of 11%.

In addition to the figures, the manager boasted of a business model that goes "against the current of the financial sector", since they are opening offices and betting especially on face-to-face attention, even in the afternoons. "If the day after tomorrow a competing entity made the decision to open every afternoon, Caixa Popular would change its hours because we know that this is a competitive advantage," the manager acknowledged.

A philosophy based on the fact that "we know that we live off of our customers" and that, for this reason, is the flag of care for the elderly. He has cited the Valencian Carlos Sanjuán and his campaign against care for the elderly, assuring that "we say that the elderly must be cared for like your parents". For this reason, he assures him, they change the schedule from today as another sign of distinction with the sector.

The company closes the year with 403 employees, 74 offices and plans to reform four more and open another three in the coming days: one in Bétera, another in Cullera and a third at the Mercavalencia facilities, after reaching an agreement with the Valencia City Council because "the entities have left from there and we are sure that we can make it profitable". The company is betting a lot on differentiation with the rest of the sector, in times of closing offices and little face-to-face in favor of online.

And it is that Rosedo Ortí points out that, although the online channel is strong, they are delighted that whoever wants to talk with them, enters the office to do so. "We are going against the current of the financial sector, which seeks for the client to bother the least better; but we are going the other way, we want the client to enter, step on the offices, etc. Who wants to go to the office because they feel lonely and want to talk with us, delighted, because we know that we live off our clients. We say: treat the client as you would like to be treated".

Ortí explained that the company is becoming more widely known and its prospects are positive: in their strategic plan they aspire to earn up to 85 million euros by 2025: 24 in 2023, another 28 million in profit in 2024 and a total of 33 million in 2025. .

In the coming months they will open lines of business to address the shortfall segment, housewives, and communities of owners, demonstrating a special attachment to proximity and closeness to the client. "In our history we have had various options for takeovers or mergers, but we never want to stop losing our essence, and that is what we are," he defended.