CaixaBank closed the first semester with a profit of 2,137 million euros, 35.8% more that in the same period of 2022, “due to the excellent commercial evolution”, it has communicated this Friday to the National Securities Market Commission (CNMV).
During the first semester The bank’s income 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 affiliates, 59% more than offset the drop in commissions of 4.2%. Specifically, recurring banking 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 has highlighted that the return on own funds 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 reach an ROE return of 10.2%, while the recurring efficiency ratio -without including extraordinary expenses- dropped to 45.7%.
For his part, delinquency falls 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%.