CaixaBank reported a net profit attributable to shareholders of 2,457 million euros through September, a 17.7% rise year over year on a like-for-like basis, according to the update filed with the National Securities Market Commission. Excluding merger-related extraordinary effects, accounting profit rose 21.5%. When integration impacts are included, profits to September 2021 totaled 4,801 million, down 48.8% due to the non-cash boost of 4,300 million for accounting purposes from prior exceptional items and other related results.
Client funds declined 1.2% to 612,504 million, and the return on tangible equity (ROTE) stood at 8.4%, below the cost of capital. In a homogeneous environment, CaixaBank’s revenues reached 8,647 million euros, up 2.7%, while the interest margin slipped by 0.4%. Gross margin grew by 2.7%, and recurring management plus depreciation costs fell 5.9%, enabling an operating margin expansion even without extraordinary items to reach 14%.
Specifically, personnel expenses decreased 8.5%, reflecting savings from staff turnover under the labor contract, while overhead costs fell 6.6%.
Dividend income amounted to 132 million from January to September, including 38 million and 87 million in the second quarter from Telefónica and BFA respectively, versus 51 and 98 in the prior year.
BBVA reported a nine-month profit of 4,842 million, up 47% from the previous year. In the lending arena, the healthy loan portfolio expanded by 11,491 million, totaling 351,462 million euros, a 3.4% rise. The healthy segment for corporate borrowers grew 7%, consumer lending rose 3.6%, and mortgage lending increased 0.8%.
CaixaBank highlighted the sale of mortgages to individuals, with concessions reaching 10,527 million euros, doubling the prior-year level. In the January-September period, new financing in consumer loans reached 7,681 million euros, up 23%. For corporate financing, new production approached 32,000 million euros, an increase of 47% year over year. Assets under management stood at 144,133 million euros, down 8.8% amid market volatility, though net fundraising reached 10,948 million.
The CET1 capital ratio stood at 12.4% (12.1% excluding IFRS9 transition adjustments) after the impact from the share repurchase program. The bank confirms organic capital generation of 92 basis points in the first nine months and reports total liquid assets of 141,981 million with a liquidity coverage ratio (LCR) of 276%, well above the legal minimum of 100%.
Santander posted 7,316 million in nine months, a 25% rise and the highest nine-month profit on record for the period. CaixaBank’s non-performing loan (NPL) ratio was 3%, the lowest level since 2008, with a robust annual charge represented by 1.991 million per year and 782 reductions per quarter. The cost of risk remained low at 0.23% over the last 12 months, and there were 7,867 million euros in bad debt reserves at the end of September, with coverage improving by five percentage points to 68%. CaixaBank maintains a collective reserve fund of 1,257 million euros, flat for the quarter, while macroeconomic uncertainties remain evident.
Regarding loans partially guaranteed by the Official Credit Institute (ICO), 28% of the total have been amortized or canceled. Of the remaining 95%, principal payments are already underway, and only 4.4% are classified as defaults. These figures reflect CaixaBank’s ongoing risk management and liquidity positioning amid market volatility and regulatory shifts. At the same time, BBVA and Santander continue to balance growth in lending with prudent risk controls in a challenging macro environment, guided by solid capital bases and improving cost efficiencies. This combination supports ongoing profitability, dividend sustainability, and resilience in turbulent markets. (Attribution: CNMV filings; company disclosures.)