The Crèdit Andorrà Group obtains EUR 33 million in profit and its business volume grows 19.6% - Creand
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The Crèdit Andorrà Group obtains EUR 33 million in profit and its business volume grows 19.6%

• The Bank reaffirms its leadership in supporting the economy, the business fabric and people, with a loan investment that grew to EUR 2.523 billion, and the progress of the country by participating in the creation of SETAP 365.

• International growth continued its upward trend with a 33.63% increase in international business volume.

• The total regulatory capital ratio increased to 18.09% (16.36% CET1).

• The Bank closed strategic operations in 2021 to consolidate its leadership in Andorra and drive future competitiveness and growth.

The Crèdit Andorrà Group consolidated the growth trend in its main business figures and in 2021 obtained a profit of EUR 33 million, 9.8% more than the previous year. The Group closed the year with a business volume exceeding EUR 20 billion for the first time, reaching EUR 20.888 billion, 19.57% more than in 2020. As a result of the good performance of the banking business and the favourable behaviour of the financial markets, assets under management increased 22.20% to EUR 18.365 billion and loan investment rose by 3.33% to EUR 2.523 billion.

The figures reflect the Bank’s clear leadership in the country, both in terms of assets and business volume, which translates into support for the economy, the business fabric and people. Of the Group’s total business volume, EUR 9.962 billion is based in Andorra. As for loan investment, EUR 2.115 billion was earmarked for the financial support of direct projects in the country. This commitment to Andorra was reaffirmed in 2021 with the firm participation in the creation of the new company SETAP 365, comprising ENSISA (Soldeu and El Tarter) and EMAP (Arinsal and Pal).

In terms of international business, the Group consolidated its upward growth trend, with a 33.63% increase in business volume. In Spain, Creand Wealth Management (Banco Alcalá, SA) generated a business volume of EUR 2.481 billion, 9.7% more than in the previous year. The Luxembourg subsidiary, Creand Wealth & Securities (Banque de Patrimoines Privés, SA), has continued to drive growth for the Group’s institutional market and increased its volume to EUR 8.367 billion, up 44.6%. In Miami, Creand Wealth Management (Beta Capital Securities LLC and Beta Capital Management LLC), with a business volume of EUR 1.180 billion (+28.3%), has established itself as a strategic site for the Group’s banking and financial activities in the US and Latin America.

The Bank’s strength is reflected in its solvency, which has also increased. The total regulatory capital ratio is 18.09% (16.36% CET1) and the LCR is 141.96% (above the required minimum of 100%). These indicators are testament to Crèdit Andorrà’s robustness, with EUR 523 million in own funds (up 3.8%).

Xavier Cornella, CEO of the Crèdit Andorrà Group, explained that “in 2021, we have focused on executing the 2021-2023 Strategic Plan to consolidate our leadership in Andorra and to grow internationally in a sustained and sustainable way. The corporate operations we have closed contribute to the present and future competitiveness of the business. At the same time, as a committed bank, we have continued to prioritise the continuous improvement of customer service, our raison d’être, through innovation and digital transformation, and firm financial support to the country’s economy, its business fabric and households, which is also a priority in the current complex and changing context”.


Strategic corporate operations

In 2021, the Crèdit Andorrà Group formalised strategic agreements with the aim of driving growth in different business areas, to contribute further added value to shareholders, customers and employees, and to generally promote the economic and social progress of the country.

With regard to the Bank’s involvement in the snow sector, which is strategic for the country, alongside the municipalities of Canillo and La Massana, Crèdit Andorrà formalised the constitution of SETAP 365, integrating ENSISA and EMAP. The new company is a bid to unify the snow sector and make it more competitive on international markets. In the insurance area, Crèdit Andorrà extended its collaboration with Caser Seguros, which became a shareholder in Actiu Assegurances. The Insurance Group also completed its agreement with the Risk Group by selling its stake in the Spanish holding company ERSM Insurance Brokers, which focuses on insurance brokerage and consultancy. The operation is in line with the strategy of focusing on the segments most aligned with the Group’s core banking and insurance business.

Last year, the Bank forged other very important alliances that materialised in 2022, such as the acquisition of Vall Banc, financed entirely with own funds and which will strengthen the private banking business in Andorra, and the acquisition of the high-net-worth client advisory and family office business of GBS Finance by Creand Wealth Management.


Quality in banking

In 2021, Crèdit Andorrà was named Best Private Bank in Andorra by the Financial Times Group (PWM and The Banker publications); Best Bank in Andorra by Global Finance; and Best Digital Bank and Best CSR Bank in the country by Global Banking & Finance Review.

Fitch Ratings confirmed Crèdit Andorrà’s rating at BBB- after giving a positive assessment of the agreement to acquire Vall Banc.


Crèdit Andorrà has become an official signatory of the UN Principles for Responsible Banking, a single framework for a sustainable banking industry, developed through an innovative partnership between banks worldwide and United Nations Environment Finance Initiative (UNEP FI). The Principles for Responsible Banking set out the role of banks in shaping a sustainable future and alignment with the UN’s Sustainable Development Goals and the Paris Climate Agreement.

The Crèdit Andorrà Group has earmarked an overall investment in corporate social responsibility of EUR 2.23 million.


*The accounts for the 2021 financial year are pending submission to the General Shareholders’ Meeting for approval.