CaixaBank earned a total of 3,659 million euros from January to September, which is 48.2% more than in the same period in 2022, thanks to the improvement in banking margins in the current context of rising interest rates .
As reported this Friday to the CNMV, the Spanish stock market supervisor, the group added recurring income, derived from banking activity, of 11,128 million, which is 34.3% more than in the same period of 2022.
Specifically, the interest margin, that is, the difference between the profitability of assets, such as loans granted, and the interest paid by the bank, stood at 7,364 million euros, 60.7% more than a year before. .
The growth in the net interest income, together with the improvement in the results of the insurance business (+21.2%) and the income from bancassurance investees (+47.6%), compensated for the drop in net commissions. Specifically, CaixaBank earned 2,741 million through September from net commissions, which is 5.3% less than a year ago.
In particular, in line with the dynamics of the sector, recurring banking fees were reduced by 9.1% year-on-year due to measures such as the elimination of deposit custody fees for large companies and the bonuses applied to customer loyalty programs. customers.
In this way, the gross margin, which is what brings together all the entity’s current income, reached a total of 10,689 million until September, with an increase of 28.9% compared to the same period of the previous year.
Soared financial profitability
The good performance of the group caused profitability to skyrocket until September, both measured in terms of ROTE – financial return on tangible capital – and ROE – return on equity.
The ROE stood at 11.9% in September – compared to 7.2% a year ago -, while the ROTE rose to 14.1%, when a year ago it was 8.4%, and It also improved the efficiency ratio to 42.7%.
Regarding business volume, which adds healthy credit and customer resources, it remains stable until September, and has grown by 0.2% so far this year. Assets under management stood at €155,264 million (+5% over the year), driven by positive net subscriptions in investment funds and portfolios. Regarding CaixaBank’s healthy credit portfolio, it closed September at 345,388 million euros, after falling 1.7% so far this year.
Delinquency stands at 2.7%
The evolution of credit to companies and consumer credit offset the fall in credit for home acquisition, with a portfolio reduction of 3.9% so far this year due to the increase in amortizations and the lower production of mortgages in the current context of rising interest rates.
Regarding the new production of credit, from January to September 27,700 million of new credit were granted to companies, 7,700 million in consumption and 6,680 million in mortgages. Delinquency rates are still really low, but in September they stood at 2.7%, one tenth more than in the previous quarter, although at the same level as at the end of 2022.
In this way, doubtful balances fell to 10.2 billion euros after the good evolution of asset quality indicators, which represents 490 million less in the year. CaixaBank had 44,771 employees at the end of September, 146 more so far this year, while it added 4,199 branches, so in these nine months some 205 branches have been reduced.
Sabadell rises 6% on the stock market after achieving the highest profit in its history
Banco Sabadell rose 6.01% this Thursday after reporting that it closed the first nine months of the year with a net profit of 1,028 million euros, the best result in its history.
The bank’s price closed the session at 1.103 euros, compared to the close of 1.041 on Wednesday. The intraday minimum has reached towards the middle of the session, when it touched 1,071 euros.
Although during the morning the price was evolving after the results were known, coinciding with the publication of the United States GDP data, a new bullish streak began that has led the value to reach an intraday maximum of 1.109 euros per share.
The financial institution has also announced this Thursday that it expects to end 2024 with profit growth, so next year will also be another record year for the bank. Counting the fourth quarter, Sabadell estimates closing this year with net profits above 1.3 billion euros.
