Kutxabank Increases Mortgage Loans Subscribed by 2.53% in Bilbao – Highest Growth in Spanish Banking

Bilbao

Kutxabank has increased the mortgage loans subscribed in 2023 by 2.53%, with a total of 3,172 million euros, 80.5 million more than in 2022, as reported by the entity in a statement.

The bank has indicated that, during the last year, the average value of the mortgages subscribed by the financial institution rose by 4.9%, exceeding 168,000 euros in 2023, compared to the average value of more than 160,000 euros that had a product with these characteristics in 2022.

The bank has indicated that these figures place the financial group as one of the financial entities that is growing the most in the new production of mortgage loans within Spanish banking, and one of the few with its mortgage production in positive.

Likewise, he highlighted that another of the “most visible” consequences of this growth has been reflected in the increase in market share.

Specifically, at the end of 2023, the Financial Group concentrated around 41% of the market share of new production in Euskadi, exceeding by more than 5 points what it had at the beginning of the year. He added that this circumstance is repeated in the rest of the territories in which Kutxabank carries out its activity, and the share rises to 8% in Spain as a whole.

Mixed mortgages

Kutxabank has indicated that this “good” comparative result has been obtained in an “adverse” context for contracting mortgage loans, largely due to the rise in interest rates and economic uncertainty.

In this sense, he recalled that the Euribor has marked the highest values ​​of the last decade in 2023, which has also motivated a “drastic change” in the type of mortgage product demanded by the market.

In the case of Kutxabank, which has valued its mortgage offer, with a significant weight of online tools, there has been an exponential growth in the percentage of consumers who have opted for mixed mortgages.

In fact, of the total new loans subscribed throughout 2023 by Kutxabank, 73% have been mixed mortgages, which reflects a “clear reversal” with respect to the situation that occurred a year ago, when loans at fixed they gained ground with respect to the rest of the alternatives.

2024-01-29 12:45:01
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