CaixaBank earns €3,145 million in 2022, 30% more on a comparable basis

CABK increased its net interest income by 15.7% year-on-year, to EUR 6,916 million, while its net commissions reached EUR 4,009 million (+8.2% year-on-year). In this way, the gross margin increased by 12.8% year-on-year, standing at €11,594 million, also exceeding (+2%) the figure expected by the FactSet- consensus. On the other hand, recurring administration and amortization expenses increased by 1.5% year-on-year, to €6,020 million, which raised the net or operating margin to €5,524 million (+6.6% vs. analyst consensus).

Finally, CABK’s net attributable profit for 2022 amounted to €3,145 million (-39.8% year-on-year; +5.4% vs. analyst consensus) compared to €5,226 million in 2021, which included extraordinary aspects related to the merger with Bankia. Without considering the extraordinary aspects in 2021, the result grew by +33.3% year-on-year (+29.7% pro forma).

In balance sheet terms, gross customer credit stood at €361,323 million (+2.4% in the year). Customer funds amounted to €609,133 million at the end of 2022 (-1.7% in the year). The NPL ratio fell in the year to 2.7% (3.6% at the end of 2021). The funds for insolvencies stood at the end of 2022 at €7,867 million and the coverage ratio increased to 74%.

In terms of solvency, the Common Equity Tier 1 (CET1) ratio is 12.8%.

CABK reported that its Board of Directors has agreed to propose to the Ordinary General Shareholders’ Meeting to be convened during the month of February, the distribution of a cash dividend of €0.2306 gross per share, charged to the profits for the year 2022, to be paid during the next month of April. With the payment of this dividend, the amount of the shareholder remuneration corresponding to the year 2022 will be equivalent to 55% of the consolidated net profit.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.