CaixaBank won last year in which interest rates continued to rise by 4,816 million euros, 53.9% more than in the previous year. The good evolution of the results occurred despite the increase in fiscal pressure that the sector suffered with the banking tax that last year represented 373 million for CaixaBank.
As the bank communicated today to the National Securities Market Commission (CNMV), CaixaBank will distribute 60% of the profits to its shareholders. For this year, the entity wants to repeat a share buyback program as it did in 2023. President José Ignacio Goirigolzarri highlighted in a statement that of the dividends paid “half will revert to society through the La Caixa Foundation and of the FROB.” The reverse arm of the foundation, Criteria, and the State through the FROB are the main shareholders of the bank.
In a statement, CEO Gonzalo Gortázar highlighted that “in an environment of normalization of interest rates, we have capitalized on the scale and competitive position that we achieved with the merger.” CaixaBank absorbed Bankia in 2021.
The interest margin, which measures the banking activity of leaving money to clients and taking deposits, grew by 54.1%, to 10,113 million. When rates rise – which is what happened last year – banks charge more for loans granted at variable rates and must pay more for the money their clients deposit. As in the rest of the sector, in 2023 the entity’s commissions fell by 5.1%.
Despite the rate increase, the bank managed to contain delinquencies, which stood at 2.7%. On the credit side, the balance of the Group’s healthy portfolio is above 344,000 million euros. While the business and consumer portfolios increased, there was a contraction in the housing portfolio.
As for employees, the bank closed with about 200 more, up to 44,863. Offices were reduced by more than 200. There were 4,191 in December.
