CaixaBank closed the first quarter of the year with an attributable net profit of 1,005 million euros, 17.5% more which in the same period last year, was 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 taxesof 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, widespread market share improvements 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 dynamicswith increases in new credit production and with positive net subscriptions in savings products”.
The gross margin was 3,496 million, 12.7% year-on-year more “thanks to the increase in net interest income (+27.4%)”which captures the impact of new production and the rate environment.
Income from services, that is, wealth management, protection insurance and bank feeswere 1,197 million, 1.3% more.
Specifically, income from wealth management grew by 15.8% and income from protection insurance grew by 6.9%, and They offset the 10.8% drop in banking fees.
All this has allowed Return on equity (ROE) will reach 13.4% at the end of March and the efficiency ratio improved again to stand at 40.3%.
Business “at maximum levels”
CaixaBank has explained that in the first quarter its business volume approached one billion euros“all-time high levels.”
Customer resources amounted to 636,490 million and increased 6,160 million in the quarter (+1%)driven by the marketing of long-term savings products.
The resources on the balance sheet remained stable and stood at 463,505 million, while the assets under management They rose 4.9%, up 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 Marchand protection insurance increased premiums by 8.7% year-on-year.
The healthy credit portfolio remained stablewith 344,438 million (+0.1%), while that of credit for the purchase of housing fell by 0.7%, the smallest decrease in the last five quarters, and that of consumer credit grew by 2% and in companies, 1.1%.
New credit production
CaixaBank has explained that the good pace of commercial activity has accelerated “with relevant growth in the new production of credits 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%).
Delinquency and liquidity
The entity’s delinquency ratio remained the same “practically stable” until March, with 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 having appreciated deterioration in organic evolution of credit exposures.
The group’s liquidity was 157,022 million and the Liquidity Coverage Ratio (LCR) as of March 31 stood at 197%, above the required regulatory minimum of 100%.
Regarding capital, the CET1 ratio was at 12.3% after the impact of the new 500 million share buyback which began in March (-22 basis points) and which is now fully deducted.
On the contrary, the bank has highlighted “the positive evolution” of the organic generation of capital in the first quarter, which added 36 basis points.
