Arxius de Corporate - Page 2 of 8

Successful portfolio management has benefited customers and helped the private banking business to flourish. The bank maintains its leadership in Andorra and is growing in all lines of business and in all the geographic areas in which it operates. The Creand Group closed 2024 with profits standing at EUR 70.9 million, a figure in line with the previous year which was exceptional especially due to the swift rise in interest rates, and increased its business volume to EUR 30,682 million, 11.1% more than in 2023. These results were achieved last year because notwithstanding the fall in interest rates, successful customer portfolio management and the strong performance of the financial markets have helped the private banking business to flourish. Customer assets under management were up 12.1% to EUR 27,900 million. Loan investment grew 2.0% to EUR 2,782 million. Around EUR 16 million of the total profit came from the international business and EUR 5.7 million from the insurance business. These results keep Creand as a leader in Andorra in terms of both customer assets under management (EUR 10,330 million) and loan investment (EUR 2,474 million). This leadership is reflected in support for the development of the country’s economy, business community and people. Xavier Cornella, Creand’s CEO, said that “the bank has pursued a policy which has made it possible to combine the three main strands of any sustainable strategy: enhancing business growth through customer service and investment in innovation and digitalisation while driving solvency and shareholder return.” Around 42% of the Group’s total business volume is located in Andorra (EUR 12,804 million) and the remaining 58% abroad. The financial group is growing in all the territories in which it operates. Luxembourg, with the subsidiary Creand Wealth & Securities, has increased its business volume by 8.9% to EUR 11,628 million. Meanwhile, Creand Wealth Management, the subsidiary in Spain, broke through the EUR 5,000 million barrier to reach business volume of EUR 5,191 million, 25.0% more than in 2023. Lastly, Miami is continuing to cement its position as the hub of the Group’s financial operations in the Americas and manages business volume coming to EUR 1,359 million, 13.3% more than in the previous year. The solvency and liquidity ratios show the bank’s soundness. The liquidity ratio (LCR) stands at 168.49% and the solvency ratio at 18.32% (16.66% CET1). Own funds amounted to EUR 654 million. Xavier Cornella commented that these results “are a good start for our new strategic plan 2024-2026 because the bank has grown more than expected. This is an especially significant milestone as we were coming off the back of an atypical year marked by sharp interest rate hikes which turned into lower interest rates in 2024 as predicted and yet we have still maintained our profits. We have grown in all lines of business – assets, liabilities and off-balance sheet – and in all the geographic areas in which the Group operates. Successful portfolio management has benefited customers. Our goal is to keep making a difference in customer service, innovation, digital transformation and specialisation to continue setting the standard.” Spain tops EUR 5,000 million This first year of the Strategic Plan has been shaped in the Spanish market by the opening of the branch in la Seu d’Urgell and the relocation of the Barcelona branch. It is significant that for the first time this subsidiary’s business volume has topped EUR 5,000 million. Creand Wealth Management is still expanding and last February moved into Andalusia with a new branch in Malaga and has outstanding prospects for further growth. International recognition In 2024, Creand Crèdit Andorrà scooped the Andorra Bank of the Year and Best Private Bank in Andorra awards from the Financial Times group. It was also recognised as the Best Digital Bank and Best CSR Bank in the country by Global Banking & Finance Review. Fitch Ratings confirmed Creand Crèdit Andorrà’s rating at BBB- with a stable outlook, and underscored the bank’s healthy capitalisation and robust leadership position in Andorra. *The financial statements for 2024 are to be submitted to the General Shareholders' Meeting for approval.

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