The Crèdit Andorrà Group, the principal financial institution in the principality, consolidated its upward trend in both billing and results in 2022. Its benefits grew by 30.7% compared to 2021 and reached 43.1 million euros. Likewise, its business volume experienced magnificent behavior, close to 20% growth (19.7%), which meant it closed the year with 25,002 million euros.
Other variables of the banking business also registered an exceptional performance. Thus, customer resources increased by 21.1% to reach 22,240 million euros and credit investment rose to 2,761 million euros, which was 9.4% more than in 2021.
Its strategic operations have allowed it to grow as it has. Within the principality, the acquisition of Vall Banc made it possible to strengthen the private banking business. This purchase was also financed entirely with Crèdit Andorrà's own resources. In Spain, the financial business also became more important with the acquisition of the high-net-worth advisory firm and family office GBS Finance by Creand Wealth Management.
With all this, Crèdit Andorrà reinforces its dominant position in Andorra, both in terms of the number of customer funds and the bank's actions to support the economy, the business fabric and the citizens of the principality. Of the group's business volume as a whole, 11,599 million euros are located in the country, representing an increase of 16.4%. The banking business has registered notable organic growth in the last year due to the better economic prospects of the country, the attraction of new investment and the arrival of new clients, as well as the effects of the aforementioned incorporation of Vall Banc into the accounts of the group.
Internationally, Crèdit Andorrà has also recorded considerable growth (14.8%). Spain is where this improvement has become more palpable, given that the business volume of Creand Wealth Management (Banco Alcalá) rose to 3,429 million euros, representing a growth of 38%. For its part, the Luxembourg subsidiary (Creand Wealth
With regard to solvency and liquidity ratios, the group is in line with European banks, in a clear example of solidity. Liquidity is at 157.71% and solvency at 17.09%. Own funds stood at 559 million euros. The CEO of Grup Crèdit Andorrà, Xavier Cornella, stated that "2022 has been the year of both organic and inorganic growth, despite the poor performance of the financial markets". In his opinion, "the success of the efficient integration of Vall Banc, the acquisition of GBS Finanzas Investcapital AV, the national organic growth and also the good evolution of the international business have meant that the group has results that far exceed the objectives of the Strategic Plan 2021-2023”. The bank's chief executive highlighted that "we are now working to design the next 2024-2026 Strategic Plan with the aim of making Crèdit Andorrà a benchmark in customer service, innovation and digital transformation, ensuring excellence and growing in a sustained and sustainable manner in Andorra and in the rest of the geography where we are present”.
The integration agreement that allowed Vall Banc to be incorporated into the group's ecosystem reinforced the entity's growth plan and incorporated a business volume of 1,900 million euros. Likewise, the incorporation of the GBS Finance wealth advisory division and family office by Creand Wealth Management increased business volume by 641 million euros.
Crèdit Andorrà won several awards for its efficiency in 2022. It was the best private banking bank in Andorra and bank of the year by the Financial Times group with the PWM and The Banker publications, and was recognized as the best digital bank and best CSR bank by Global Banking
