Majorca's Banca March claims first half year profit of 34.2 million euros

04/09/2012 00:00

Palma.During the first half of this year, Majorcan bankers Banca March registered a 34.2 million euro profit, purely from private accounts. The company has reported important growth in its corporate banking activity with an 80.7 million euro interest margin, around 25.4 percent higher than the same time last year with income from commission of 43.9 million euros, a 15 percent increase, a company spokesman confirmed yesterday.

The rate of default was reported as being at 4.73% and the level of cover at 60.4%. As at 30th June, the number of clients with private bank accounts providing business worth more than 100'000 euros had grown by 14.3% in comparison with the same date in 2011. The business such clients bring to the private banking sector was 5'870 million euros at the end of June, 11.9% more than at the same date in 2011.