CaixaBank

In Spain 30th August 2023

Caixabank reaches, for first time and ahead of schedule, six million direct deposit of salary payments

Link Securities | The newspaper Expansión reports in today’s edition that Caixabank has reached for the first time in its history the milestone of six million direct deposit of salary payments thanks to its latest commercial campaign, reaching in seven months the target it had set for the whole year. At the end of 2022, CaixaBank had 5.8 million salaries paid in by direct debit. At the beginning of the…

Spanish economy 28th July 2023

CaixaBank earns €2,137 million in June, up 35.8%, and announces €500-million buyback

The positive market dynamics, together with the strategies derived from the integration with Bankia and the reduction of doubtful balances, have boosted CaixaBank’s profit to €2,137 million, up 35.8% compared to the €1,573 million recorded in the same period of the previous year. In the entity’s accounts, the improvement in the indicators of profitability and efficiency stand out, while ROE reached 10.2% and the recurrent efficiency ratio fell to 45.7%,…

Spanish economy 29th June 2023

Caixabank, a 1.5 billion share buyback?

Morgan Stanley analysts reiterate their OW (Overweight) on Caixabank and maintain the stock as a sector Top Pick, as they believe that the market is undervaluing the bank’s capital generation capacity by analysing DTAs (deferred tax assets). Additionally, they now assume in their base scenario a €1.5bn buyback that they expect to be announced in Q3, which together with a mark-to-market of the yield curve, justifies an upward revision of…

Spanish economy 15th June 2023

Fitch Ratings maintains CaixaBank’s BBB+ rating and outlook at “stable”

Alphavalue / Divacons| The chairman of the Catalan bank, José Ignacio Goirigolzarri, believes that the balances of credit portfolios in Spain will remain stable or register slight increases over the next three years, as he said during his speech at the conference that Cinco Días is holding to celebrate its 45th anniversary. Meanwhile, the credit rating agency Fitch Ratings decided to maintain unchanged the BBB+ rating assigned to CaixaBank as…

Spanish economy 9th March 2023

Caixabank obtains banking licence in Italy and opens branch in Milan

Link Securities | Caixabank (CABK) has obtained a banking licence in Italy and has opened a branch in the country, located in Milan, with which the entity strengthens its international banking business, according to the Efe agency. The bank now has seven branches operating worldwide, located in the United Kingdom, France, Germany, Italy, Portugal, Poland and Morocco.The banking licence in Italy will allow the bank to offer multiple financial and…

Spanish economy 3rd February 2023

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…

Spanish economy 17th January 2023

BlackRock stake in CaixaBank exceeds 5% for first time

BlackRock raises its stake in CaixaBank and increases its stake in the bank’s capital from 3.2% to 5.01%, according to the records of the Spanish National Securities Market Commission (CNMV). In total, the fund manager holds 376.3 million shares valued at 1.5 billion. CaixaBank closed Monday at €3.8 per share. BlackRock, which was already Caixabank’s largest private shareholder, behind only CriteriaCaixa and the state, bought 117.6 million shares on Friday…

Companies, Ibex, Spanish economy 16th December 2022

Increase in capital requirements for some Spanish banks (BBVA, Sabadell, Caixabank)

Singular Bank | The ECB revises and determines minimum capital requirements for each lender annually so that, in function of its own funds, it has an established guarantee of solvency. In this respect, for 2023, BBVA will have to have a CET1 ratio of 8.72% (vs 8.60% in 2022) and a total capital level of 12.97% (vs 12.76%). In the case of Sabadell, the CET1 will have to be 8.65%, compared…

Companies, Ibex, Spanish economy 5th December 2022

With a 7.8x P/E and double digit total yield, Overweight for Caixabank

Morgan Stanley | The Spanish Banking Association (AEB) has reached an agreement with trade unions to raise salaries by 4.5% in 2023. This figure compares with the 5% increase in costs which analysts had in their models for 2023-2024. It also compares with the estimates for a 25% growth in NII in Spain in 2023. Although this agreement only applies to Santander, BBVA, Sabadell and Bankinter, Álvaro Serrano believes that a…

Companies, Ibex, Spanish economy 12th November 2022

The end of TLTRO would not lead to deposit war amongst Spanish banks: liquidity coverage ratios are at 233%; Caixabank top pick

Morgan Stanley | Spanish banks have underperformed 8% since their results, despite having beat NII estimates by 4%. The market is pricing in a slowdown in NII due to the increase in the costs of deposits with the end of the TLTRO and the start of competition anticipating what we are seeing in the US. Alvaro Serrano considers this to be an inaccurate analysis, given that the situation in the…

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