Caixabank has obtained a net profit of 2,137 million euros in the first six months of the year, which means improving the result of 2022 by 35.8%, when the entity recorded a profit of 1,573 million euros. The rise in rates by the European Central Bank (ECB) and its effect on the Euribor, with the consequent repricing of credit, has boosted the interest margin by 55.2% to 4,624 million euros. Additionally, the entity has communicated to the National Securities Market Commission (CNMV) that it will repurchase shares for an import of 500 million euros.
The CEO, Gonzalo Gortázar, has highlighted the good evolution of CaixaBank during the first semester “which is supported by a very positive commercial dynamic, in the full achievement of the synergies derived from the integration with Bankia and in the reduction of the balances twos”.
The bank has indicated that the improvement in profit achieved in the first half of the year is due to the good progress of commercial activity, as well as the prudent management of credit risk, and places “our return on equity at levels of 10 % after a long period of very low returns”, insisted the banker.
Caixabank improved income by 31.3% in the interannual rate, reaching 7,110 million euros. The growth of the interest margin, together with the improvement in the result of the insurance service, which was 18.5%, and the income from bancassurance investees, 59.2%, offset the drop in commissions of 4. 2%, impacted, in addition, by the suppression of the deposit custody commissions of large companies, the entity reported.
Caixabank’s assets under management closed the first six months of the year at 156,111 million euros, which implies growth of 5.5% due to the favorable evolution of the markets and positive net subscriptions. The assets managed in investment funds, portfolios and sicav’s reached 111,340 million, growing by 6.4%, and pension plans 44,771 million, improving by 3.4%. In the first six months, net subscriptions to investment funds, pension plans and savings insurance reached 5,100 million euros, while the combined market share of long-term deposits and savings stood at 26.5 %.
Regarding CaixaBank’s healthy credit portfolio, it closed the first half of the year at 354,199 million euros, after growing 0.8% in the year. This increase, at a time of deceleration in demand, is due to the growth of credit to companies, with 2.2%, and the good evolution of consumer credit, with an improvement of 1.2%, which offset the amortizations of mortgages, which fell by 2.6%. Regarding new production, in the first half of the year 21,026 million new credits have been granted to companies, 5,172 million in consumption and 4,654 million in mortgages
controlled delinquency
Delinquency fell again in the entity and closed the first six months of the year at 2.6% as of June 30, the best data in the last 15 years (compared to 2.7% in the previous quarter and 3.2% for a year before).
As for the LCR, the liquidity ratio that Credit Suisse’s near crisis highlighted, at the end of the semester, stood at Caixabank at 207%. Regarding capital, the CET1 ratio is 12.5%. Likewise, the ROE improved, reaching 10.2% and the recurring efficiency ratio dropped to 45.7%
In addition, the entity has announced the reward of shares for a total of 500 million euros, a decision that is included within its strategic plan presented in May 2022 and which intended to distribute 9,000 million to its shareholders. This is the second share repurchase within the framework of the Strategic Plan, since between May and December 2022 a share repurchase program was carried out for a value of 1,800 million euros.
