Excluding the effect of the merger, Caixabank recorded an adjusted profit of €2.022 billion in the year to September, due to commercial activity and lower provisions, compared to €726 million a year ago.
According to Norbolsa analysts, “Caixabank’s results are better than expected at the bottom line (+23.1% vs. estimate) mainly due to a very low cost of risk in the quarter (18 b.p. vs. 45 b.p. e). Apart from this item, the rest of the key lines were below expectations: net interest income (-1.2% vs. st), fees (-0.8% vs. st), insurance (-4.7% vs. st), as well as expenses (+0.9% vs. st), where the savings from the restructuring have yet to be seen. On the positive side, the good evolution of capital, which continues to consolidate levels, in this case above 13% (13.03% vs. 12.87% in Q2’21 vs. 12.98%e). The group reiterated its payout policy of 50% of recurring profit.