Ibercaja has recorded net profit of 294 million euros in the first nine months of the fiscal year, which represents an 8.7% increase compared with the same period of the previous year, as the company said this Tuesday to the Comisión Nacional del Mercado de Valores (CNMV).
The bank’s annualized return (ROTE) stood at 13.3% at the end of September, 50 basis points above that of a year earlier. “The entity continues to show solid commercial and financial performance in a context of reasonable strength in economic activity in Spain and an environment characterized by geopolitical uncertainty and volatility in the markets,” the company has emphasized.
At the same time, total business volume exceeded 113.800 million euros through September, 4.3% more than a year earlier, supported “both by the strength of customers’ resources and by the acceleration of credit activity”.
The non-performing loans rate fell by 23 basis points, to 1.2%, while the amount of non-performing assets decreased by 23% compared with the September 2025 closing, to 489 million euros. In parallel, Ibercaja strengthened its solvency, with a CET1 capital ratio “fully loaded” stable at 14.1% and a total ratio of 18.2%.
Business volume and credit
Retail funding advanced by 3.9% year-on-year, to 82.596 million. Within this item, customer deposits grew by 0.8%, to 35.614 million, driven by the 2.2% increase in demand deposits, favored by the containment of the cost of time deposits.
Asset management and life insurance activity reached 46.981 million euros, 6.4% more than at the close of September 2025. In this block, assets managed in mutual funds rose by 7.7% over the last twelve months, to a balance of 31.425 million as of 30 September.
As for credit business, this maintained a positive trend and normal credit stood at 31.238 million euros, 5.4% more than in September 2025, supported by the acceleration of credit to non-real-estate companies and by the good performance of new loan originations, which increase by 10.3% year-on-year.
The main growth driver returned to be financing for non-real-estate companies, whose balance increased by 8.8%, to 8,362 million euros. This dynamic is supported “by growth in new formalizations, 9.1%; in working capital business, which moves up 6.0%; and in the greater degree of availability of credit account statements,” the entity said.
The mortgage portfolio rose to 18,543 million euros, 3.6% more than at the close of the third quarter of 2025, thanks “to the positive performance of new formalizations and to the moderation of amortizations and early cancellations.” In turn, consumer credit and other lines of financing to individuals increased by 7.3% year-on-year, driven by vehicle financing and point-of-sale operations, an area that the bank is stepping up within the current Strategic Plan.
In the risk insurance activity, Ibercaja indicated that the business grew by 4.4% compared with the same months of the previous year. This advance is explained above all by the good performance of non-life insurance, whose portfolio increased by 5.8%, with special prominence of the motor branch, which rose by 10% versus the 6.1% average for the sector, and of health insurance, which went up 8.7% versus 7.1% for the market.
In this way, the contribution of this line to gross margin stood at 88 million euros and represented 8.5% of total recurring income for the period.
Income above 1,000 million until September
Recurring income reached 1,043 million euros, 11% more than between January and September 2025. This growth is due to the increase in net interest margin, which advanced 14.6% year-on-year to 537 million euros, and to the good performance of fees, which rose by 9% during the period to 410 million euros. Taken together, gross margin stood at 1,083 million euros, 9.9% more.
Operating expenses increased by 9% year-on-year, mainly due to higher personnel costs, which grew by 8.3% compared with September 2025. This uptick is explained by the increase in the average headcount by 132 employees over the last twelve months, the application of the Collective Bargaining Agreement, and the extraordinary disbursement of 7 million euros paid on May 28 to the workforce on the occasion of the entity’s 150th anniversary. Without this one-off impact, the rise in personnel expenses would be reduced to 7.7% year-on-year.
In the standalone third quarter, recurring revenues totaled 365 million euros, the largest amount recorded by the entity in a single quarter, 15.6% more than in the same period of the previous year and 5.0% above the second quarter of 2026. At the same time, Ibercaja’s profit between July and September amounted to 110 million euros, 22% more than in the same interval of the prior fiscal year.