CaixaBank, 855 million profit (+21.1%) in the first quarter – Corriere.it

The Spanish bank CaixaBank closed the first quarter of the year with a net profit of 855 million euros, an increase of 21.1% compared to 2022. The payment of 373 million of the extraordinary tax on banks meant, specified the ‘lender, subtract 30% of the Group’s profits. The result for CaixaBank is solid, the result of commercial dynamism and the strength of the entity’s balance sheet, despite the context of financial uncertainty. According to the CEO Gonzalo Gortzar, in the quarter the entity had excellent commercial dynamics in a period in which the economy has been more resilient than expected.

Growing revenues

The return on equity (Roe) reached 10.5% at the end of the period, still below the cost of capital, although much higher than 7.6% in 2022, while the efficiency ratio improved and dropped to 48.2%. Gortzar specified the bank’s privileged position in terms of liquidity and solvency, adding that it has over 132,000 million euros of liquid assets and a capital ratio of 12.6%, which he described as comfortable. In the first three months of the year, CaixaBank increased its core revenues by 30.4% compared to 2022, reaching 3,449 million euros, with a 48.6% growth in net interest income to 2,163 million euros and a increase of 0.1% in net commissions to 937 million euros.

Dividends and financial operations

Dividend income also rose to €68m after recording Telefnica’s entire dividend, while income from financial operations fell 42.7% to €82m. These aspects explain why gross profit grew by 16.7% to 3,101 million euros, while the increase in recurring administrative expenses and amortization (+2.4%) meant that operating profit increased by 33, 4% to 1,659 million euros, the bank reported. In March of this year CaixaBank opened its first branch in Italy in Milan. One goal: to grow in business credit services.