CaixaBank earns 1,005 million until March, 17.5% more

Pay 1,135 million in taxes, of which 493 million are from the banking tax.

CaixaBank earns 1,005 million until March, 17.5% more

Pay 1,135 million in taxes, of which 493 million are from the banking tax


CaixaBank closed the first quarter of the year with an attributable net profit of 1,005 million euros, 17.5% more than in the same period last year, it reported in a statement sent to the National Securities Market Commission (CNMV). this Tuesday.

The CEO of the entity, Gonzalo Gortázar, has indicated that during the period, the bank has paid 1,135 million euros in taxes, of which 493 million correspond to the banking tax, 32% more, "a figure that exceeds the benefit obtained".

Gortázar added that the results show that the bank has started the year "with good commercial activity, general improvements in market shares and maintaining solid levels of profitability and efficiency."

The bank has highlighted that during the period it had growth in all margins, which "reflects the strength of the entity and good business dynamics, with increases in new credit production and positive net subscriptions in savings products." .

The gross margin was 3,496 million, 12.7% year-on-year more "thanks to the increase in interest margin (27.4%)", which reflects the impact of new production and the interest rate environment.

Income from services, that is, wealth management, protection insurance and banking commissions, was 1,197 million, 1.3% more.

Specifically, income from wealth management grew by 15.8% and income from protection insurance grew by 6.9%, offsetting the 10.8% drop in banking fees.

All of this has allowed the return on equity (ROE) to reach 13.4% at the end of March and the efficiency ratio to improve again to stand at 40.3%.

CaixaBank has explained that in the first quarter its business volume approached one billion euros, "historical maximum levels."

Customer funds amounted to 636,490 million and increased 6,160 million in the quarter (1%), driven by the marketing of long-term savings products.

Resources on the balance sheet remained stable and stood at 463,505 million, while assets under management rose 4.9%, to 168,688 million.

On the other hand, net subscriptions to investment funds, savings insurance and pension plans reached 3,442 million between January and March, and protection insurance increased premiums by 8.7% year-on-year.

The healthy credit portfolio remained stable, with 344,438 million (0.1%), while that of credit for the purchase of housing decreased by 0.7%, the smallest decrease in the last five quarters, and that of credit consumption grew by 2% and in companies, by 1.1%.

CaixaBank has explained that the good pace of commercial activity has accelerated "with significant growth in the new production of loans to individuals."

Specifically, new mortgage credit stood at 2,790 million in the first quarter, 24.1% more compared to the same period in 2023; and new consumer credit reached 3,029 million in the quarter, 15% more.

Regarding credit to companies, new production until March exceeded 10.5 billion euros, and the entity has highlighted the signing of 43,000 operations to small and medium-sized companies (28%).

The entity's delinquency ratio remained "practically stable" until March, at 2.8% compared to 2.7% in December 2023, after applying a stricter criterion in the classification of doubtful debts within the prudential framework, explains the entity.

Doubtful balances increased "slightly" and stood at 10,794 million euros without the entity appreciating a deterioration in the organic evolution of credit exposures.

The group's liquidity was 157,022 million and the Liquidity Coverage Ratio (LCR) as of March 31 was 197%, above the required regulatory minimum of 100%.

Regarding capital, the CET1 ratio was at 12.3% after the impact of the new share buyback of 500 million that began in March (-22 basis points) and which is now fully deducted.

On the contrary, the bank has highlighted "the positive evolution" of organic capital generation in the first quarter, which added 36 basis points.