CaixaBank strategic goals for 2022-2024
CaixaBank lays out a plan aimed at delivering profitability above a 12 percent return on tangible equity and lifting productivity, with a clearer path to more efficient operations. The bank states it expects these results for 2024 as part of a commitment to turning strategic actions into measurable gains and to strengthening competitiveness in its core markets. The plan was submitted to the National Securities Market Commission for review in the recent cycle.
Following the integration with Bankia, the bank’s priorities emphasize accelerating business growth, fortifying a leadership position in retail banking, and becoming the preferred partner for small and large enterprises alike. The strategy also seeks to elevate the service model to align more closely with customer preferences and to position CaixaBank as a leading sustainability reference across Europe.
The plan targets a total income increase of roughly seven percent from 2022 through 2024, supported by a stronger insurance business, modest gains in commissions, and higher net interest income driven by the prevailing rate environment. This mix of revenue levers is designed to broaden the earnings mix while maintaining disciplined cost management.
By the end of the period, the profitability target implies a return on tangible equity above 12 percent, roughly double current levels. The productivity goal envisions about a ten percentage point rise from 2021, with an aim to bring the efficiency ratio below 48 percent. A core pillar remains the management of non-performing loans, with the objective of keeping delinquencies under 3 percent by the close of 2024.
Throughout the plan’s horizon, CaixaBank intends to maintain CET1 capital in the 11 to 12 percent range and pursue a shareholder compensation strategy that blends revenue growth with cost discipline. This follows a notable consolidation effect from the Bankia merger and subsequent gains in capital quality and balance sheet resilience.
9,000 million capital
The plan sets a target to generate approximately 9,000 million euros in capital over the period, including dividend distributions in which more than half would go to shareholders. The bank also aims for a capital overhang of more than 12 percent and a capital deployment program around 1,800 million euros, to be executed through a share repurchase initiative. The maximum value for the buyback is capped at 1,800 million euros, with a limit of ten percent of CaixaBank’s capital and a 12-month window to complete. Morgan Stanley Europe SE will oversee the buyback, reinforcing governance standards for the operation.
In line with its broader mission to support the energy transition for both companies and individuals, CaixaBank plans to mobilize a substantial volume of sustainable financing, aiming to channel about 64,000 million euros into products, advice on environmental, social, and governance factors, educational initiatives, and awareness programs.
President José Ignacio Goirigolzarri stressed that the strategic plan centers on customers and emphasizes delivering high-quality offers through excellent service. He noted that executing the plan would enable CaixaBank to provide compelling value propositions to clients, preserve an attractive dividend policy for investors, and advance the energy transition for businesses and society, with the aim of establishing CaixaBank as a sustainability benchmark in Europe. The statements reflect the bank’s focus on balancing customer value with prudent capital management and social impact, as reported in the strategic plan materials.
CEO Gonzalo Gortázar highlighted the group’s three-year focus on growing revenues, maintaining momentum in omnichannel customer engagement, and cementing CaixaBank as a leading European financial group through social and environmental commitments. He added that a dedicated team would work toward achieving a twelve percent return over the plan’s life, a level that would support ongoing shareholder remuneration while reinforcing the organization’s empowerment agenda. The emphasis on core social programs remains central to the bank’s future path, and the foundation’s ongoing activities are expected to accompany strategic execution and financing choices.