Bank insurer Argenta has achieved several “milestones” in 2023 in terms of profit, money under management and mortgages. Record figures, but the company refutes criticism of the banks that there is too little return for ordinary savers. “More flows to savers than is received,” says CEO Peter Devlies about the profit achieved last year.
The Antwerp financial group, which is also active in the Netherlands, recorded a net profit of 310 million euros for 2023, compared to 238 million euros a year earlier. Immediately the 300 million euro mark was reached for the first time.
Devlies wanted to immediately nuance this higher profit when presenting the annual figures. For example, the interest cost, for example the interest paid on savings, has increased more strongly at Argenta than the interest income, for example from loans. “More money has flowed to savers than there was additional interest income for the bank,” he referred to last year’s criticism of low savings interest rates.
The bank partly thanks the higher net profit to the ‘hedging’ component or costs for hedging risks. Due to the inverted yield curve, this generated exceptional money last year, while it is normally a cost item. Nevertheless, like elsewhere in the sector, interest income rose sharply last year: from 575 million euros in 2022 to 741 million euros.
Government message
Devlies had another message for the government. He pointed out that what the bank pays in taxes and contributions is again in the same order of magnitude as the profit. “Like in previous years, the government will take home as many cents as Argenta earns.”
Although in 2023 there will be a difference of 25 million euros: compared to the profit of 310 million euros, there will be 285 million euros in bank taxes, corporate tax and social contributions, for example. The government receives as much as the shareholder who runs the risks and bears the investments, it was said.
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