CaixaBank earns 1.47 billion until March, 46.2% more

BarcelonaCaixaBank closed the first quarter of the year with net attributable profit of €1.47 billion, 46.2% more than the same period in 2024. The bank, led by Gonzalo Gortázar as CEO, attributes the increase in profits to the strong momentum experienced by commercial activity in a context of growth (ECB).

In fact, as a result of cuts in the price of money, the net interest income, the result of the difference between what the bank charges for loans and what it returns on deposits, has fallen by 4.9%, to €2.646 billion. In any case, the decline was partially offset by growth in volumes, according to the results reported this Wednesday to the National Securities Market Commission (CNMV). Revenue from services (wealth management, personal protection insurance, and bank fees) increased by 6.8%. The group emphasizes that it has "a comfortable liquidity and capital position." Total liquid assets reached 171.17 billion, and the CET1 ratio, which measures financial strength, stood at 12.5%.

Tax on banking

In comparable terms, the increase in profit in the first quarter would be 6.9%, since last year the bank paid the banking tax in a lump sum and this year (493 million), and in this first quarter it has only settled 25% (148 million) and will distribute the remainder over the other quarters. In the first three months of the period covered by the 2025-2027 Strategic Plan, CaixaBank has recorded an 8.5% increase in customer funds, to 690,523 million; a 2.9% increase in its healthy loan portfolio, to 354,592 million euros, out of a total gross of 364,159 million; along with an increase of 340,000 new customers in Spain in the last 12 months, to 18.6 million.

The results are published the day after the La Caixa Foundation, the bank's main shareholder through Criteria, made public that Àngel Simón resigned as CEO of CriteriaCaixa One year and four months after his appointment, the replacement at the head of La Caixa's investment arm, which holds a 31.22% stake in CaixaBank, will be Naturgy's executive chairman, Francisco Reynés, who has been appointed as a director and, soon, as executive vice president. On the stock market, CaixaBank is today, Wednesday, among the stocks posting the biggest losses.

In a statement, Gortázar emphasized "the significant progress" in the bank's objectives. "We are accelerating the growth of our activity; driving the transformation of our operations and investment in the business; we have reduced non-performing balances, while maintaining high levels of liquidity and capital," he stated. The bank's CEO emphasized that non-performing loans have reached "historic lows" and forecasts a 2.5% growth rate for the Spanish economy this year, already including part of the impact of US tariffs. He also highlighted that the State's stake in the group, as the second largest shareholder, has increased in value by 5.4 times since the Bankia merger was announced.

Increase in credit

The bank reported continued growth in new lending, especially in mortgages, which increased by 62% compared to the first quarter of 2024, reaching €4.508 billion. Ninety-three percent of the total was granted at a fixed rate. For the year as a whole, the increase is 2.4%. Furthermore, consumer lending grew by 11%, to €3.374 billion, and corporate lending increased by 4%, to €10.995 billion.

The balance of non-performing loans fell for another quarter, by €160 million, to €10.076 billion, leaving the non-performing loan rate in March at 2.5%, one-tenth below the level of the last quarter of 2024. Funds under asset management increased by 12%. (+7.5%), reaching €264.402 billion, supported by net subscriptions to investment funds and savings insurance.