CaixaBank Total won from January to September 3.659 million euroswell 48.2% more Compared to the same period in 2022, thanks to the improvement in banking margins in the context of current rising interest rates.
As reported to the Spanish stock market supervisor CNMV this Friday, the group added recurring income from banking activities to the tune of 11,128 million; This is 34.3% more than in the same period in 2022.
Specifically, the interest margin, the difference between the profitability of an asset such as loans made and the interest paid by the bank, was: 7.364 million euros60.7% more than a year ago.
Growth in net interest income, together with improvement in insurance operating results (+21.2%) and income from bancassurance investments (+47.6%), offset the decline in net commissions.
Special, CaixaBank 2.741 million entered from net commissions until SeptemberThis is 5.3% less than a year ago.
Particularly in line with the dynamics of the sector, a 9.1% reduction in current banking fees was achieved on an annual basis, thanks to measures such as the removal of deposit custody fees for large companies and the removal of bonuses applied to customer loyalty programs.
Thus, the gross profit margin, which combines the entire current income of the institution, reached a total of 10 billion 689 million TL, an increase of 28.9% compared to the same period of the previous year until September.
Financial profitability increases
Good development of the group, Profitability increases until SeptemberBoth are measured in terms of ROTE – financial return on tangible capital – and ROE – return on equity.
ROE was 11.9% in September – compared to 7.2% a year ago – ROTE was 14.1%, up from 8.4% a year ago, and also increased the efficiency ratio to 42.7%.
Added to healthy credit and customer resources, business volume remained steady through September and has grown 0.2% so far this year.
Assets under management amounted to €155,264 million (+5% over the year), driven by positive net subscriptions in investment funds and portfolios.
CaixaBank’s healthy loan portfolio closed September at 345 billion 388 million euros, following a 1.7% decline so far this year.
Default rate is at 2.7 percent
The development of corporate and consumer lending offset the decline in home purchase loans; There has been a portfolio reduction of 3.9% so far this year due to an increase in depreciations and lower mortgage production in the context of current rising interest rates.
Regarding new loan production, in the January-September period, 27 billion 700 million new loans were given to companies, 7 billion 700 million of which were consumption and 6 billion 680 million were mortgages.
guilt remains really lowHowever, in September, this rate increased by one tenth compared to the previous quarter, reaching 2.7%, although it was at the same level as the end of 2022.
Thus, following the positive development in asset quality indicators, doubtful balances decreased to 10.2 billion euros, meaning 490 million euros less this year.
CaixaBank had 44,771 employees as of the end of September; So far this year there have been 146 more and added 4,199 branches, so that’s about 205 branches reduced in those nine months.