CaixaBank Group Made attributable profit of 1,573 million euros in the first half of 2022, is 17.1% higher than in the same period of the year according to homogeneous environments. This evolution is based on strong business activityThe reduction in the interest margin is driven by revenues from services as well as cost reducing Due to savings from the merger with Bankia and lower allocations to provisions.
taking into account the effects created by integration, the result falls by 62.4% at the inter-year rate, Since the first half of 2021, the result has been 4,181 million euros. 4300 million positive contributions for accounting purposes for negative goodwill.
CaixaBank Group consolidated its leadership in the Spanish market by closing with a total asset of 704,505 million Euros at the end of the first period. Profitability (12-month ROTE without outstanding merger items) reached 7.9% productivity rate is 56.1%.
Mortgage and consumer loans
CEO, Gonzalo GortazarIt highlights the closure of a “very positive” first period, combining the final phase of the integration process with Bankia with strong growth in business activities.” New loan output to companies and corporate banking increased by 21% and new production by 57%. In contrast, despite the volatility of client funds and markets, net subscriptions in insurance, assets under management and deposits increased by €20,000 million, it underlines.
The first period results of Bankia and CaixaBank compared with the pro forma total in the same period of the previous year without considering the extraordinary items of the merger show that income stability Despite the decline (-3.6%) in net interest income from the negative interest rates until the middle of the semester.
Dividend income fell 13.5% to 131 million euros and above all Telefonica and BFABankia’s parent company, 38 and 87 million euros, respectively (51 and 98 million euros in 2021). Results of businesses valued using the equity method fell 48.4% after the sale of shares. Erste Group Bankwhile income from financial transactions increases.
this bank fees Recurring revenues, mainly high transaction activity and growth of payment method operationsCompensating for the decline in revenue from the combination of Bankia and CaixaBank customer loyalty programs.
The business also managed to reduce recurring management and depreciation expenses by 5.6% year-on-year in the first half of the year, thanks to the synergies of the merger. Personnel costs were reduced by 7.5% due to the voluntary departure of professionals within the framework of employment contracts.
Stability in revenues, complemented by lower expenses, resulted in a 10% increase in operating margin excluding special items. This growth increases to 17.1% in the case of profit after the provisions for bad debts were reduced by 16.8% to 376 million euros.
The NPL ratio, which has been lowered so far this year, has closed the period with 3.2%.Compared to 3.6% at the end of 2021 and 3.5% last March, it’s the lowest level since December 2008. Credit-loss funds amounted to €8,126 million at the end of June, with coverage increasing to 65% (8,625 million and 63% at the end of 2021, respectively).
Doubtful balances fell to € 12,424 million after good asset quality indicators and active management of non-performing loans. It decreased by 1,209 million euros per year and 937 million euros in the quarter. With all this, the cost of risk for the last 12 months was 0.23%.
In the commercial arena, the positive evolution in insurance production during the semester is evident, supported by the MyBox product offer, which is reflected by an annual growth of 25% in life risk insurance premiums and 44% in non-insurance premiums. -life policies.
There was also significant growth in new mortgage production (+58% YoY), reaching 5,928 million euros. broke records in the last quarter It reached a volume of 3.806 million. Also new production consumer finance The production of new loans to companies and corporate banking increased by 21% to 5,142 million, while the production of new loans increased by 57% year-on-year.
All in all, the healthy loan balance (excluding doubtful balances) stood at 351,012 million, growing 3.2% year over year and 3% QoQ. Housing loan growth of 0.4 percent in the quarter for the first time in at least ten years draws attention. Consumer credit increased by 2.6% compared to December and by 1.9% in the quarter. The good development of financing provided to companies is also striking (+5% and +4.2%, respectively). At the end of the period, market share in loans to companies in Spain reached 23.9%, after an increase of 13 basis points since December.
Client funds totaled €624,087 million (+0.7% per year) as of June 30, impacted by the usual positive seasonality of demand savings at the end of the second quarter and the volatility of markets in ‘unit-linked’ and below assets. to manage.
CET1 solvency ratio is 12.4% (12.2% without applying IFRS9 interim adjustments). This figure, which is above the required minimum, is below 13.1% at the end of 2021 due to the total cut. share buyback programongoing and can reach a maximum of 1,800 million euros.