CaixaBank closed the first semester with a profit of 2,137 million euros, 35.8% more than in the same period of 2022, “due to the excellent commercial evolution”, it communicated this Friday to the National Securities Market Commission (CNMV). ).
During the first half of the year, the bank's revenues grew by 31.3% year-on-year, to 7,110 million euros, and the entity has highlighted the increase in interest income, which was 4,624 million, 55.2% more. It also registered growth in the result of the insurance service of 18.5% and in the income from bancassurance investees, 59% more than offset the drop in commissions of 4.2%. Specifically, recurring bank commissions show a year-on-year reduction of 7.6%, “impacted, fundamentally, by the abolition of custody commissions for deposits from large companies.”
The CEO, Gonzalo Gortázar, explained that the “solid result is a consequence of the good progress of the commercial activity, as well as the prudent management of credit risk”. He highlighted that the return on equity stood “at levels of 10% after a long period of very low returns”. The “positive” evolution of the entity from January to June allowed it to achieve ROE profitability of 10.2%, while the recurring efficiency ratio -without including extraordinary expenses- dropped to 45.7%.
For its part, delinquency fell to a minimum, with 2.6% as of June 30, the best data in the last 15 years. Doubtful balances fell to 10,317 million after “the good evolution of asset quality indicators and the active management of delinquency”, which means 373 million less in the year.
Regarding capital, the CET1 ratio was 12.5%.
CREDITS
Customer funds at June 30 stood at 627,824 million, 2.7% more than at the same time in 2022, “thanks to the usual positive seasonality of demand savings at the end of the second quarter and the good evolution in long-term savings products.
Assets under management stood at 156,111 million, 5.5% more “due to the favorable evolution of the markets and positive net subscriptions, which included 111,340 million in investment funds, portfolios and sicavs, and 44,771 million in pension plans. In the first six months, net subscriptions to investment funds, pension plans and savings insurance reached 5,100 million euros.
Regarding the healthy credit portfolio, CaixaBank closed the first semester at 354,199 million; and the sustained growth in the loan portfolio to companies, which increased by 2.2%, and the good evolution of consumer credit, which increased by 1.2%, offset the greater deleveraging in home purchase loans, with a portfolio reduction of 2.6%.
Regarding the new production, in the first half of the year 21,026 million new loans were granted to companies, 5,172 in consumption and 4,654 in mortgages.