CaixaBank reports solid first half results, with profit up 25.2% to 2.675 billion euros
CaixaBank closed the first six months of the year with a profit of 2,675 million euros, marking a 25.2% rise. The lender attributes this improvement to stronger activity across its business lines, driven by higher lending activity and a growing base of client resources. The group’s chief executive, Gonzalo Gortázar, called the semester “very positive across all lines of business,” noting the uptick in activity as a standout development in recent months.
Gortázar points to activity growth as a primary driver of the results. Client resources rose by 37,095 million euros, while the credit stock expanded by 7,648 million euros. This near 45 billion euro increase over the period helped the bank consolidate its leadership and expand market share. The income statement reflects stronger activity amid a dynamic economy and a stabilizing interest-rate environment, with return on equity (ROE) reaching 14.4% and the efficiency ratio improving to 39%.
Interest income reached 5,572 million euros, up 20.5% from the prior year, while service revenues stood at 2,449 million euros, up 4.4%. The gross margin climbed to 7,701 million euros, a 15.4% rise, outpacing growth in recurring administrative and amortization expenses which totaled 3,028 million euros (+4.6%). Consequently, operating income rose to 4,673 million euros, up 23.8%.
Client resources
By the end of the period, client resources stood at 667,424 million euros, 5.9% higher than December 2023. Resources in balance reached 487,807 million euros, up 5.3%, with gains in sight deposits, term savings, and insurance contract liabilities. Assets under management grew 7.3% year over year to 172,589 million euros.
The bank highlighted positive momentum in net subscriptions to investment funds, life insurance savings products, and pension plans, totaling 6,421 million euros, a 25.9% year-on-year increase and a 10.9% rise in protection insurance premiums. In the lending arena, the healthy credit portfolio rose 2.2% versus December to 351,700 million euros.
The institution reported steady growth in new lending production, with mortgage origination up 42.8% to 6,648 million euros, two-thirds of which were fixed-rate loans. The mortgage portfolio stopped its prior decline in the second quarter, helped by renewed production compared with the previous year, though the semester as a whole shows a slight 0.4% decline. In consumer lending, the portfolio expanded 4.4% over six months, while corporate lending rose 2.3%. Consumer credit totaled 6,105 million euros in January to June, up 15.4%, and corporate lending reached 21,517 million euros (+2.3%), with more than 89,000 small and medium-sized enterprise financing operations in the first half, up 28% from the same period in 2023.
Liquidity
The group underscored a robust liquidity position, reporting total liquid assets of 167,421 million euros, up 7,217 million, and a Liquidity Coverage Ratio (LCR) of 218% as of June 30. The Common Equity Tier 1 (CET1) ratio stood at 12.2%, signaling strong high-quality capital. The bank also noted that it generated 101 basis points of organic capital. The stock of doubtful loans declined slightly to 10,466 million euros, and the non-performing loan ratio stood at 2.7%, with reserves for loan losses supporting a 70% coverage ratio and a cost of risk of 0.29%. A key priority remains financial inclusion, supported by branches, mobile offices, and ATMs across 3,149 municipalities, serving 382,000 customers with social or basic accounts.
Overall, CaixaBank’s results reflect a period of resilient growth in a relatively stable rate environment, with disciplined cost control helping to sustain margins and profitability in the first half of the year.