CaixaBank earns 2,457 million until September, 17.7% more on a comparable basis

The bank's return on tangible capital (ROTE) stood at 8.

CaixaBank earns 2,457 million until September, 17.7% more on a comparable basis

The bank's return on tangible capital (ROTE) stood at 8.4%

CaixaBank has registered a net attributable profit of 2,457 million euros until September, 17.7% more than the same period of the previous year based on homogeneous perimeters, as reported this Friday to the National Securities Market Commission (CNMV). .

The accounting result increased by 21.5% without including the extraordinary effects of the merger; If the impacts of the integration are taken into account, it falls by 48.8% since the profit until September 2021 was 4,801 million due to the positive contribution for accounting purposes of 4,300 million from the 'badwill' and other associated extraordinary results.

Customer funds fell to 612,504 million, 1.2% less, and return on tangible capital (ROTE) stood at 8.4%, a level lower than the cost of capital.

With homogeneous perimeters, revenues reach 8,647 million euros (2.7% more), and the interest margin is reduced by 0.4%; and the growth of the gross margin (2.7%) and the reduction of the recurring administration and amortization expenses (-5.9%) allow a growth of the operating margin without extraordinary items (14%).

Specifically, personnel expenses fell by 8.5% and reflect the savings after the departure of employees within the framework of the labor agreement, while general expenses fell by 6.6%.

The dividend income item (132 million from January to September) includes, in the second quarter, the dividends of Telefónica and BFA for 38 and 87 million respectively (51 and 98 in 2021).

Until September, the entity has registered an increase in the healthy loan portfolio of 11,491 million (3.4%), reaching 351,462 million euros, while the healthy portfolio of companies has grown by 7%, in consumption it has done so 3.6% and in mortgages, 0.8%.

CaixaBank has highlighted the sale of mortgages to individuals, where concessions have doubled compared to the same period of the previous year, reaching 10,527 million euros.

In consumer credit, new financing was 7,681 million euros from January to September, which represents an increase of 23%, and regarding financing for companies, new production is close to 32,000 million euros, with an increase of 47%. in year-on-year rate.

Assets under management stand at 144,133 million euros, 8.8% less, due to a context of strong market volatility, and the entity has highlighted the net fundraising of 10,948 million.

CAPITAL AND LIQUIDITY

The CET1 capital ratio stands at 12.4% (12.1% without application of IFRS9 transitional adjustments) after the extraordinary impact of the Share BuyBack share repurchase program (-83 basis points, corresponding to the total deduction of the maximum authorized amount of 1,800 million euros).

The entity ensures that it has achieved an organic generation of capital in the first nine months of the year of 92 basis points, and has total liquid assets of 141,981 million and a Liquidity Coverage Ratio (LCR) of 276%, "well above " of the required regulatory minimum of 100%.

DELINQUENCY

CaixaBank has recorded a non-performing loan ratio of 3%, and is at its lowest level since 2008, while doubtful balances fell to 11,643 million euros due to the evolution of the asset quality indicators and the active management of non-performing loans, with a reduction of 1,991 million in the year and 782 in the quarter.

The cost of risk in the last 12 months continues at low levels (0.23%) and bad debt funds stand at 7,867 million euros at the end of September, and the coverage ratio improves, rising five points and reaching 68% .

CaixaBank has a collective fund of provisions amounting to 1,257 million euros, which has remained stable in the quarter, taking into account that "macroeconomic uncertainties are still latent".

Regarding the evolution of loans partially guaranteed by the Official Credit Institute (ICO), 28% of the total has already been amortized or cancelled, and of the rest, 95% is already paying off principal and only 4.4% is classified as delinquency.

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