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Banca March - Crecemos con valores, crecemos juntosNews

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Banca March’s profits from banking activity were up 14.8%, up to €52 million

  • Banca March’s business model has been strengthened by solid financial and capital ratios: the institution has the lowest non-performing asset ratio in the Spanish banking sector (2.89%) and one of the highest levels of solvency (20.97%) and liquidity (259.21% LCR) in Europe.
  • In the Corporate Banking area, Banca March has consolidated itself as a benchmark for family business financing, where revenue from consultancy grew by 28.7% and credit investment improved by 5.7%.
  • Private and High-Net-Worth Banking recorded notable increases for all activity parameters: business volume (+5%), number of customers (+19%) and off-balance-sheet funds (+6.1%), with all figures in line with or exceeding the objectives of the Strategic Plan, despite market volatility.
  • Turnover in the Balearic Islands shows record growth, a result of Banca March’s extensive knowledge of this market and its competitive advantage therein: the credit investment in this Community grew by 5.7%, with a non-performing loan ratio of 1.46%, and off-balance sheet assets grew by 13.5%.
  • According to the financial sector customer satisfaction benchmarking, Banca March continues to be the top rated institution in Spain in terms of solidity and solvency, transparency and customer satisfaction. Furthermore, the group as a whole continues to be perceived to represent levels of excellence according to the independent firm Stiga, with a score of 8.05 out of 10 for overall satisfaction and Net Promoter Score (NPS) of 27.7%, compared to an average of 7.7% for the market as a whole.

The results attributable to banking activity have continued to develop strongly and dynamically: during the first six months they rose to €52 million, growing 14.8% over the same period of the previous year.

Revenue from service provision (from the management of investment funds and SICAVS, Corporate Banking activity, as well as the distribution of insurance and payment instruments) grew by 6.8% in the first six months of this year, off-balance funds by 3.4% and business volume rose by 3.5%. José Luis Acea, CEO of Banca March, said: “Our objective is not to be the most profitable bank, but to be the bank that achieves profitability in line with our shareholders’ expectations while offering our clients the best possible consultancy. “Common growth” is our motto. This not only addresses quarterly results, but also the aspiration to be a family bank with leading edge services through a sustainable and long-term project. The results of the first six months once again show that Banca March’s business model is working: between June 2016 and June 2018 profits, from banking activity have multiplied by 4, an increase supported by customer satisfaction; at the end of this financial year, Corporate Banking will have multiplied its earnings before tax by 2.5 in two years; and the profitability of High-Net-Worth Banking has started to gain significance.”

The consolidated result for the first six months of 2018 comes to €65 million in comparison to the €113.8 million of the previous year. However, the figures are not comparable with the current financial year due to the extraordinary entries made between January and June 2017. In this regard, it is important to show that the consolidated results for the first six months of 2017 include the capital gains obtained through Corporación Financiera Alba —of which Banca March holds a 20.02% interest— for the sale of 7.52% of ACS that generated capital gains before tax of €352.7 million.


In line with its philosophy of prudent long-term management, Banca March’s business model continues to be supported by solid financial parameters: at the end of June its solvency ratio reached 20.97%, one of the highest in Europe; its non-performing loans ratio stood at only 2.89%, the lowest in Spain, less than half the sector average; and its LCR liquidity ratio stood at 259.21%.


Banca March continues to consolidate its position as a leader in Corporate Banking, with a specialised focus on companies, family-owned businesses and business families. In the first six months of 2018, revenue from consultancy grew by 28.7% and credit investment improved by 5.7%. Since 2016, Earnings Before Taxes (EBT) in this area have multiplied by 2.5.

In addition to traditional banking services (financing, collection and payment settlement, external trade, etc.), the institution also offers a broad range of high-value consultancy products, like balance sheet disintermediation, mergers and acquisitions, direct lending, customised treasury solutions, and risk hedging. These highly specialised services are the only of their kind in Spain and are backed by a commitment to offer companies alternative forms of financing, which they can access with the support of a dynamic family bank and the guarantee of no conflicts of interest.

In the area of capital markets, Banca March is a leader in key businesses. In 2017, Banca March rose as the most active entity in the short-term issuance market for Spanish entities both without rating and with investment grade or high yield rating. To be precise, the entity has a market quota in MARF, both in relation to limits of promissory note programmes and issued volumes, exceeding 60%. Banca March is thus the national benchmark institution of qualified investors in this type of product, having advised issuers like Gestamp, Elecnor, Barceló, Tubacex, Europac, Maxam and Fortia Energía since this activity began in 2013. Banca March has also lead ECP programmes in Ireland for Ferrovial, Acciona, Viesgo and Euskaltel, as well as a medium-term fixed-income securities programme (Euro Medium Term Note Programme) for Sacyr, also in Ireland.

In 2017 Banca March exceeded the €2.2 billion of volume issued in short-term financing in capital markets, exceeding the volume issued in 2016 by more than 250%.

Recently, Banca March has strengthened its Capital Market activity both in Equity (ECM) and debt (DCM), in order to complement the excellent work of today’s unit, by developing new lines of business. The objective is to extend the products on offer according to customer needs and demands. Banca March has the structure necessary to develop the capacity for origination (Large Business and M&A), structuring and distribution (Treasury and Capital Market). The entity has consolidated itself as a leader in DCM and in order to strengthen this position, it launched equity transactions (placement of convertible instruments and blocks, etc.).


Private and High-Net-Worth Banking—the main focus of Banca March’s Strategic Plan and a sector in which it aims to become the main benchmark institution in the Spanish market—recorded a strong boost during the first six months of 2018, despite market volatility. The number of customers in this segment increased by 19% in comparison to the same period in 2017, turnover increased by 5%, while off-balance-sheet funds grew by 6.1%. Since late 2016, group off-balance sheet assets have grown by 15.1%, which exceeds the objectives set in the 2017-2019 Strategic Plan.

Within the framework of MiFid II, Banca March does not want to sacrifice its essence, which is providing its own products, offering clients the opportunity to invest with the entity (co-investment). But in reality, Banca March works as an independent company for various reasons: a complete catalogue of investment services, the use of an open architecture (own products and third-party products) and the alignment of customers’ and its own interests (through co-investment). To that end, the entity offers the possibility of collecting twofold: either implicit through returns on execution and specific consultancy services; or explicitly, in the case of Discretionary Portfolio Management (DPM). Collections are explicit and implicit in continued consultancy. The launch of DPM has been a success and the entity already manages €600 million in DPM.

A very telling sign of customers’ confidence in the Banca March Group’s Private and High-Net-Worth Banking services is the favourable evolution of the total SICAV assets managed by March Asset Management, which reached €3.246 billion by the end of June. This figure ranks the entity second in the Spanish market by SICAV volume.

March A.M., whose global assets in June amounted to €7.498 billion, is a key piece in the Group’s strategy. The excellent profitability obtained by the fund management team and its long-term consistency can explain the confidence investors place in March A.M.’s products every day.

The High-Net-Worth Banking area has been profoundly transformed, such transformation entailing team renovation and the strengthening of the products on offer by adding specialised professions to the Products and Co-investment areas.


Banca March, an entity founded in 1926 in Palma de Mallorca, maintains its momentum in its original market, where turnover reflects its extensive knowledge on this market and its competitive advantage derived from such knowledge: credit investment grew by 5.7%, with a non-performing loan ratio of 1.46% in late June, while off-balance sheet assets grew by 13.5% in the first six months of this year. In this Community, the entity has strengthened its assets and customer service model, as well as offered greater value, with a highly specialised service for the hotel sector.


Banca March is the top rated institution in the Spanish financial sector for its solidity and solvency, transparency, and customer satisfaction. Furthermore, the entity as a whole continues to be perceived to represent levels of excellence according to the results of the Financial Sector Customer Satisfaction Benchmarking performed by the independent firm STIGA for the second quarter of 2018. The study studies and compares how customers rate the institutions they work with using a standard measurement model.

Banca March who took part in this study for the second year, still stands at the top of the rankings for the different parameters assessed. Specifically, it is at the very top of the global satisfaction ranking for the service provided by its account managers, with a score of 8.64 out of 10 (compared to an average of 8.39 for the set of institutions analysed), and also holds the top position in brand intangibles (8.13 compared to the sector’s average of 7.48) and relationship intangibles (7.80 compared to an average of 6.92). Brand intangibles measure fundamental aspects like the entity’s solidity and solvency, as well as its modernity and commitment to the society of which it forms part. Relationship intangibles focus on measuring elements that make up customer relationships: transparency, trust and personalisation i.e. if the entity informs its customers clearly, can be trusted, and customers feel known and treated in a personal manner.

Banca March is ranked second in the study for two fundamental parameters that reflect excellent service quality: global satisfaction with the institution, with a score of 8.05 points (compared to a sector average of 7.56), and the customer recommendation index, measured under the methodology known as Net Promoter Score (NPS), where it had a score of 27.7% in June 2018 compared to 7.7 % for the market as a whole. This methodology uses a scale from -100% (all those surveyed are detractors) to 100% (all those surveyed are promoters).

Similarly, Banca March is the second highest rated institution, among the seventeen rated entities, for the service offered by its offices and business centres (a score of 8.80 compared to an average of 8.13), for mobile banking satisfaction (8.61 compared to an average of 8.21) and for customers’ readiness to recommend the entity (48.2% compared to the overall market average of 39.7%).


The institution continues to strengthen itself and is firmly committed to its offer of collective investment, which allows our customers to invest in the same products as the bank, a unique concept that sets us apart in the Spanish financial market. Professionals on the Banca March Co-investment team find investment opportunities that the banks shares with customers. In the last quarter of 2018 four new projects of this type will be launched.

The three institutional SICAVs managed by March Asset Management (March A.M.) are a good example of collective investment. Torrenova is the most important SICAV in Spain, with €1.32 billion in assets under management. It was created over 20 years ago as an investment instrument for the bank’s shareholders and currently comprises 5,897 customers. Bellver (€588 million worth of managed assets) and Lluc (€265 million) round off this group of products. All three cases are examples of a unique SICAV model, which any of our customers can access with a minimum investment of just one share, thus benefiting from the yield produced by these financial instruments in the same way. 

Customers also have the opportunity to participate in other forms of collective investment with Banca March through different alternatives on offer in the real estate sector, special funds and business projects, among others. In recent years, Banca March’s customers have participated in projects that are diverse in nature. One example is Deyá Capital, a fund managed by Artá Capital, a capital development manager for the Banca March Group, which invests in non-listed, medium-sized companies in Spain and Portugal. In 2017 Banca March reached an agreement for the purchase of the ABC Serrano Shopping Centre from CBRE Global Investment Partners in association with IBA Capital Partners, with the goal of providing its customers access to the investment. 


In a sector where positions are dwindling —an estimated 70,000 financial positions have disappeared in the last five years—, Banca March has not stopped creating jobs. In order to use the best teams to execute the 2017-2019 Strategic Plan approved by the entity’s Board of Directors, an intense profile renovation process is being launched that has entailed both removals from and additions to the High-End-Value Banking and Corporate Banking areas. In net terms, the workforce increased by some 50 individuals in the first six months of 2018.

100% of Banca March’s employees participate in a training programme on financial advice and information, meaning the institution exceeds the MiFID II guidelines published by the European Securities and Markets Authority (ESMA). Thanks to this plan, the institution offers training not only to those who directly advise clients, but also to those who provide information and marketing services and to staff working in the bank’s technical and administrative areas. The rate of professional certifications continues to increase, with an 80% pass rate in the most recent exams to obtain EFPA Spain’s EFA (European Financial Advisor) and EIP (European Investment Practitioner) qualifications. 

The initiative aims to ensure that Banca March’s staff are as highly qualified as possible, and is directly based on the four pillars of the bank’s business model: commitment to shareholders, unique and exclusive products and services, superior quality of service, and excellent staff.

The bank has been providing training on financial consultancy and information for a number of years, which since 2016 has been on a more comprehensive basis. It is one of the factors that has made the bank a leader in the sector in terms of service quality, as perceived by its customers.


In its commitment to offering its customers the best possible service, Banca March seeks to be at the forefront of technology. To this end, it has launched an ambitious digital transformation plan that will be executed over three years and will entail an investment of €75 million and the addition of 50 professionals. This plan seeks to improve customers’ experience and optimise internal systems and process digitalisation, with the goal for Banca March to also be a benchmark institution for digital experiences in private banking. Banca March’s digital transformation process was recognised in 2017 with the achievement one of the Computing Awards of the Digital Era, to be precise in the ‘Processes and Fulfilment’ category.

DATA ON BANKING ACTIVITY 30/06/2018 30/06/2017 variATION
Customer bank funds 8.943,0 8.485,0 458,0 5,4
Off-balance-sheet funds 11.543,0 11.165,0 378,0 3,4
Loans to customers 7.584,0 7.530,0 53,0 0,7
Brokerage margin 75,9 71,8 4,0 5,6
Revenue for services 110,2 103,3 10,0 6,8
Result of activities 52,0 45,3 6,7 14,8

*Amount in millions of euros 

BALANCE DETAILS 30/06/2018 30/06/2017 VariaTION
Net Equity 4.909,7 4.871,5 38,2 0,8
Total assets 18.746,1 18.620,2 125,9 0,7

*Amount in millions of euros

profit and loss account details 30/06/2018 30/06/2017 Variation
Import* %
Interest margin 68,3 75,0 -6,7 -9,0(*)
Revenue for services 105,7 98,9 6,8 6,9
Allocated result 65,0 113,8 -48,8 -42,9

*Amount in millions of euros

(*) Performance of the Group's liquid portfolios in 2018

DEFAULT 30/06/2018 30/06/2017
Non-performing loan ratio 2,89% 3,51%
Coerage ratio 53,74% 50,49%
capital 30/06/2018
Solvency ratio 20,97%
Tier 1 20,97%

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