CaixaBank earned 2,457 million through September, 17.7% more on a comparable basis

this excluding the extraordinary effects of the merger, the accounting profit increases by 21.5%. and if the effects of integration are taken into account, profits to September 2021 are 4,801 million, down 48.8% due to the positive contribution of 4,300 million for accounting purposes from ‘bad faith’ and other related extraordinary results.

Client funds fell 1.2% less, to 612,504 million, and ROTE remained at 8.4%, a level lower than cost of capital.

With the homogeneous environment, Revenues reached 8,647 million Euros (2.7% more) and interest margin reduced by 0.4%; and gross margin growth (+2.7%) and reductions in recurring management and depreciation expenses (-5.9) allow operating margin growth without outstanding items (14%).

Specifically, personnel expenses fell 8.5%, reflecting savings after employee turnover under the employment contract, while overheads fell 6.6%.

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

Credits and Resources

Through September, the business posted an increase of 11,491 million in its healthy loan portfolio. While it reached 351,462 million Euros (3.4%), the healthy portfolio of companies grew by 7%, 3.6% in consumption and 0.8% in mortgages.

CaixaBank highlighted the sale of mortgages to individuals, where concessions reached EUR 10,527 million, doubling compared to the same period of the previous year.

In the January-September period, new financing in consumer loans was 7.681 million euros.Representing an increase of 23% and in terms of financing for companies, new production is close to 32,000 million euros, an increase of 47% year-on-year.

Assets under management stood at €144,133 million, 8.8% less due to a strong context of market volatility, with the business highlighting net fundraising of 10,948 million.

Capital and liquidity

The CET1 capital ratio is 12.4% (12.1% without applying IFRS9 transition adjustments) after the extraordinary impact of the Share Repurchase share repurchase program (-83 basis points corresponds to the total deduction of the maximum allowable amount of EUR 1,800 million).

The business guarantees that it has achieved a result. Organic capital production of 92 basis points in the first nine months of the yearand has 141,981 million total liquid assets and a Liquidity Coverage Ratio (LCR) of 276%, “well above” the required legal minimum of 100%.

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CaixaBank’s NPL ratio is 3%, the lowest level since 2008. 1.991 million per year and 782 reductions per quarter.

Cost of risk remains low (0.23%) in the last 12 months and there are EUR 7,867 million in bad debt funds at the end of September, with coverage improving by five percentage points to 68%.

CaixaBank has a collective reserve fund of € 1,257 million, which remained flat in the quarter, bearing in mind that “macroeconomic uncertainties are still hidden”.

Regarding the development of loans partially guaranteed by the Official Credit Institute (ICO), 28% of the total is amortized or canceled and of the remaining 95% is already paying the principal and only 4.4% is classified as default.