CaixaBank reported a net profit of €4.248 billion for the first nine months of 2024, marking a 16.1% increase from the same period last year, driven by robust commercial activity.
The bank's client resources increased by €43.502 billion, or 6.9%, with new credit production rising by 20% compared to the first three quarters of 2023, as disclosed to the National Securities Market Commission.
CEO Gonzalo Gortázar stated that the bank's immediate focus is on assisting employees and restoring offices affected by recent flooding. CaixaBank is also providing credit lines to support impacted businesses.
Interest margin grew by 13.6%, maintaining a historically low non-performing loan ratio of 2.7%. The bank announced that Tomás Muniesa will succeed José Ignacio Goirigolzarri as president in January.
Gortázar expressed gratitude for Goirigolzarri's leadership during the merger of Bankia and CaixaBank, which he described as the most fruitful period of his career.
Total liquid assets reached €178.487 billion, with a CET1 capital ratio of 12.2% and a return on tangible equity (RoTE) of 16.9%, unchanged from June and above the 14.1% recorded last year.
CaixaBank's strategic plan for 2025-2027 will be presented on November 19, potentially influenced by a more accommodative monetary policy from the European Central Bank.
The bank has seen significant activity in wealth management, with net subscriptions in investment funds, savings insurance, and pension plans totaling €8.777 billion, a 54.3% increase.
As of September, the healthy loan portfolio stood at €344.678 billion, reflecting a 0.2% year-to-date increase, with strong performance in new loan production across all segments.
New mortgage production reached €10.343 billion, up 55%, with nearly 75% being fixed-rate loans. Consumer credit issued during the first nine months amounted to €9.021 billion, a 15% increase, while new business loans totaled €31.548 billion, a 14% rise.
Interest margin for the first nine months was €8.367 billion, a 13.6% increase, supported by strong commercial activity and interest rate conditions. Service income rose by 3.8% to €3.674 billion, with asset management income up 12.4%.
The board approved a dividend distribution of 40% of the net profit for the first half of 2024, amounting to €1.070 billion, set to be paid in November. Additionally, a fifth share buyback program of €500 million will commence after November 19, lasting up to six months.