Caixabank has closed 2022 with a profit of 3,145 million euros, compared to the 5,226 million obtained in 2021, which implies 39.8%. It should be noted that 2021 was impacted by the extraordinary expenses associated with the merger with Bankia. Without taking this into account, the 2022 result registers an increase of 29.7% compared to the 2,424 million euros earned in 2021 (which excludes the extraordinary impacts associated with the merger). This result is above analyst estimates. Likewise, the entity undertakes to distribute between 50 and 60% of the profit to shareholders.
Caixabank’s interest margin grows 7.7% to 6,916 million euros in 2022. On the other hand, bank commissions rose 1.7% in the year, although recurring bank commissions fell 0.3% due to the elimination of deposit custody fees and the unification of individual customer loyalty programs after the merger, which has increased the number of customers who do not pay basic operating fees, the entity has reported. As for dividend income, these stood at 163 million euros in 2022, which represents a 15% drop, but includes 69 million from Telefónica shareholder remuneration and 87 million from BFA.
The gross margin increased by 5.5% in the year, up to 11,594 million euros. Caixabank has managed to end the year, impacted by the evolution of inflation, reducing recurring administration and amortization expenses by 5.6% in the interannual rate supported by the achievement of synergies associated with the integration of Bankia. This causes the operating margin to grow by 19.8%.
Despite the rise in the Euribor, Caixabank has doubled the granting of mortgages in Spain in 2022 (it has registered a growth of 108), to stand at 14,299 million euros. These new mortgages have been signed mainly at a fixed rate (90%, according to the entity). For its part, in consumer credit in Spain, new financing has reached 10,235 million euros in the year as a whole, which represents an increase of 16% compared to 2021.
During 2022, Caixabank has reduced the non-performing loan ratio to 2.7%, a record low and almost one point below the level of December 2021 (3.6%), with a reduction in the ratio in all credit segments. At the same time, funds for bad debts stood at 7,867 million euros at the end of the year; the coverage ratio increased to 74%, 11 points more than a year earlier (63%), and the cost of risk for the last 12 months remained at 0.25%. The efficiency ratio, without extraordinary expenses, stood at 51.9%.
Profitability and dividend
CaixaBank has closed 2022 with a CET1 ratio of 12.8% (12.5% without application of the temporary adjustments of IFRS9), after the extraordinary impact of the share repurchase program for an amount of 1,800 million. For its part, ROTE stood at 9.8% at the end of 2022.
Likewise, the Board of Directors of CaixaBank has agreed to propose to the General Shareholders’ Meeting the payment of a dividend of 0.2306 euros per share charged to 2022, which represents an increase of 58% compared to 0.1463 euros in the previous exercise. This remuneration, which will be paid in the second quarter, represents a ‘pay out’ of 55%, in line with the policy that will take place for this year of distributing between 50% and 60% of the benefits and that it has reiterated for this 2023 the entity.