A financially-sound banking sector, part of the solution
The start of the summer has coincided with the gradual lifting of quarantine in the countries around us. Andorra has prepared to become a COVID-READY country which makes us optimistic that the return to normality will be fast. Andorra is a country which attracts proximity tourism and more so during the summer months when people are looking for nature, leisure and new experiences, all of which make Andorra a good option.
Throughout the COVID-19 crisis, Andorran Banks have stood by their clients and country to offer solutions in each case. Now, they will continue to keep a close eye on the needs of companies and families in order to continue offering their best services and recover from this crisis as soon as possible.
The banking sector is one of the country’s key elements not only because it represents around 20% of its GDP but also due to its involvement in society as a changing agent. The sector is now better capitalised than at the start of the previous crisis in the country in 2011, with a more professionalised management and corporate governance policies aligned with international standards. All these elements will no doubt help us find our way back to economic growth.
It is in this context that we present the results of the Andorran banks as of 31/12/19, which have been satisfactory showing growth at a global level in net profit and assets under management. This crisis has caught us fully prepared with sound balance sheets as well as a strong level of investment in digitalisation tools. This gives us hope for the future.
I would like to take this opportunity to wish you all a happy summer holiday. We will be back in October with more interesting information about the Andorran financial centre.
