In the first nine months of the year, core revenues were up 34.3% year-on-year to €11.13 billion, driven by net interest income, which stood at €7.36 billion, up 60.7% on the same period of 2022. The growth in NII, compounded by the improvement in insurance service result (+21.2%) and equity accounted income from bancassurance stakes (+47.6%), offset the 5.3% decline in net fees. Specifically, recurring banking fees dropped by 9.1% year-on-year, mainly impacted by the end of cash custody fees on corporate deposits and the discounts applied under customer loyalty programmes.
As a result, gross income came to €10.69 billion as of 30th September, up 28.9% on the same period in the previous year.
The positive performance of the net income allowed the Group to report a return on equity (ROE) of 11.9%. Furthermore, the recurrent cost-to-income ratio (excluding extraordinary expenses) improved once again in the period, falling to 42.6%.
Total business volume -including performing loans plus customer funds – remained stable (+0.2% in the year-to-date). Customer funds amounted to €619.32 billion as of 30th September, up 1.3% in the year-to-date, underpinned by sales of long-term savings products. In this context, assets under management totalled €155.26 billion (+5% in the year), on the back of net positive inflows in mutual funds and managed portfolios.
From January to September, net inflows in long-term savings products (mutual funds, pension plans and savings insurance) amounted to €5.69 billion, almost double the figure recorded in the same period of 2022 (€2.95 billion). As a result, the combined market share of deposits and long-term savings in Spain rose to 26.4%, thanks to a differentiated advisory model that accompanies customers throughout the whole savings and investment management cycle.
High liquidity and strong capital position. Total liquid assets amount to €153.81 billion, and the CET1 ratio at the end of the period stands at 12.3%.
Active management of non-performing loans. The NPL ratio holds steady at 2.7%, with a reduction of €490 million in non-performing loans in the first nine months of the year. The coverage ratio rises to 76%, which is two points higher than in December 2022.
Gonzalo Gortazar, CEO of CaixaBank, highlights that “the bank’s performance in the first nine months of this year has been very positive. In the context of interest rate normalisation, our results are solid, a consequence of good commercial dynamics and prudent credit risk management.”
