CaixaBank closes a record quarter with earnings of 1,572 million, 7% more

BarcelonaCaixaBank closed a record first quarter of 2026 with a net profit of 1,572 million euros, representing a 7% increase compared to the same period of the previous year. The entity attributes these results to "the growth of its commercial activity" despite the context of uncertainty due to the war in the Middle East. Net interest income, resulting from the difference between the interest it charges on loans and the interest it pays on accounts and deposits, stood at 2,662 million between January and March, a 0.6% increase compared to the same period in 2025.

The positive commercial performance is reflected in both credit and resource acquisition. Total business volume, 1.1 trillion euros, represents a 6.6% increase compared to last year and exceeds analysts' forecasts, who expected group profits of around 1,480 million. Customer resources increased by 6.3% despite the volatile environment, reaching 733,975 million euros, with a good performance in balance sheet resources (526,379 million, 5.3% more), where the 6.1% increase in sight deposits (up to 366,647 million) and the 7.8% increase in liabilities from insurance contracts (86,553 million) stand out. For its part, assets under management increased by 10.1% year-on-year, to 202,309 million euros. Assets managed in investment funds, portfolios, and SICAVs stand at 150,973 million, an 11.8% increase year-on-year; and pension plans reach 51,336 million (+5.2%).

Service income (wealth management, protection insurance, and banking fees) rose by 7.5%, to 1,374 million. The entity made a significant effort in these areas, with wealth management income increasing by 9.5%. Income from protection insurance grew by 13.5%; and banking fees, by 2% from wholesale activity, as recurring fees decreased by 1.8% due to the effect of lower fees in customer loyalty programs.

Gross margin (total income) closes the first quarter at 4,127 million euros, with a year-on-year improvement of 2.9%, and administration and amortization expenses increase by 4.6% to 1,652 million. Thus, the operating margin, at 2,475 million euros between January and March, increases by 1.8%. According to CaixaBank, the income statement is impacted in 2026 by the accounting of the tax on interest and commission margin (IMIC), for an amount of 152 million euros in the first three months of the year, above the 148 million in the same period last year.

In a statement, the CEO, Gonzalo Gortázar, highlights the effects of the war in Iran and that “although markets anticipate a short-term conflict, uncertainty about its evolution and geographical scope remains high”. Nevertheless, he emphasizes that, despite the geopolitical environment, the bank "has maintained high levels of activity" during the quarter.

Caixabank's non-performing loan ratio is reduced to 1.98%, after the write-off of 278 million euros in doubtful loans during the quarter. Regarding solvency, the Common Equity Tier 1 (CET1) ratio stands at 12.5%, which reflects the extraordinary impact of 20 basis points from the eighth share buyback program for 500 million euros.