Caja Navarra increased by 11.4% in net profit in the first half

Caja Navarra has closed the first half of 2008 with a net profit of 100.3 million euros, representing an increase of 11.4% over the first half of 2007.
The group's consolidated net income reflects an increase of 12.1% to 112.7 million euros reported in a statement the financial institution, stressing that the balanced growth of credit to customers and deposits, in the environment both at 15%, "is what best defines the business recorded in the first six months of the year."
In the first half, the intermediation margins, and core operating appellant, increases were recorded in the vicinity of 20%.
Net Basics, which collects all revenue from financial products and services, grew by 18.6% and comes to the 203.1 million, while the operating margin Appellant an increase of 18.2%, a after meeting the operating costs by 108.4 million, which increased by 18.9% as a result of the plan for openings. The increase in allocations at 11.1 million and financial operations, weighted by the behavior of the bag (-7.6 million euros), put the result in individual net 100.3 billion and consolidated net result in 112.7 million . The volume of business (which includes the credits, loans, investment funds, to which he was subtracted from deposits of funds) is at the 29,611 million euros, an increase of 13.6%.
The credit to customers in the first half increased by 15.5% compared to June 2007, reaching 13,217 million euros, and in this regard stresses the growth of industrial and service enterprises in a 38.52% up the 3229 million, and consumer credit, which grew by 27.81%.

Funding for housing, which a year ago was recorded increases of 20%, increases over the next six months by 6%, reflecting the slowdown in mortgage lending, although the risk exposure of promotion on the part of Caja Navarra is one of the most low and the sector represents only 13% of the total loan investment.

The rate of delinquencies and experiencing a slight increase stands at 0.99%, up from 0.86% in March 2008, although still well below the industry average for savings banks, which is 1, 78% at the end of June, according to CECA.
The coverage rate stands at 181.5%, which also improves the industry average, according to the latest data available from ECSC referring to end-May, stood at 118.7%.
For his part, the deposits of customers reaching 13,970 million euros, an increase of 15.9%, based on the growth of liability in private accounts while in the eye (14.16%) and in accounts term (28.51%).
Developments in the first half to maintain the growth forecast for year-end results in the environment of 10%, according to estimates of the entity.