CaixaBank third quarter gross income rises by 12.4% y-o-y to €4.02bn. For the year to date, gross income is ahead by 29% to €10.7bn. Net profit for the year to date rises by 48.2% y-o-y to €3.66bn
Gonzalo Gortazar, CEO of CaixaBank, said: “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.”
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Total business volume (including performing loans and customer funds) remain stable (+0.2% year-to-date). Customer funds rise by 1.3% to €619.32bn.
Net inflows into mutual funds, pension plans and savings insurance stand at €5.69bn. This is almost double the figure reported in the same period of 2022. In Spain, the combined market share of deposits and long-term savings improves to 26.4%. The bank’s reports a third quarter CET1 ratio of 12.3%.
“We have the best bancassurance offering in the Spanish market, with customised solutions available for every client. In the past nine months, both customer funds and assets under management have grown by a combined €8bn. Our insurance business has performed particularly well”, he added.
CaixaBank Q3 2023: improved margins, cross-sell ratio success
In the first nine months of the year, core revenues were up 34.3% year-on-year to €11.13bn. This is driven by net interest income of €7.36bn, up 60.7% on the same period of 2022.
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By GlobalDataNotably, the bank’s cost-income ratio drops by 3.2 percentage points y-o-y to 42.7%.
Other highlights include a rise in the bank’s cross-sell ratio. Customers using the bank for multiple products and services rises to 71.4% at the end of September, compared to 70.4% in December 2022.
In terms of customer funding, the performing loans portfolio of €345.39bn is down by 1.7% y-o-y. The NPL ratio was 2.7%, holding steady year-to-date.
CaixaBank ends the third quarter with 3,649 retail branches in Spain, down just 27 y-o-y. Total employee numbers are unchanged at around 45,000.
