The accounting effects of the merger of Bankia is billed to CaixaBank. The entity closed the fiscal year 2022 with a net profit of 3,145 million euros, a 39.8% less that the previous year, announced this Friday the National Delegation of the Stock Market (CNMV).
It seems like a discord within a sector that breaks records, but the reality is that Catalan banking numbers also show important progress.
The practical fall due to higher profits from the agreement merger of the previous year.
If these extraordinary events were not taken into account, the green numbers would have increased almost 30 % in comparable terms.
The market opened higher, but by mid-morning shares fell more than 4%.
The entity that presides José Ignacio Goyrigolsarri, also announced that it intends increase its dividend up to 55% of profit consolidated net before being approved by the assembly.
Intends to pay fresh in April 0.2306 euros per share.
That's a 58% more than last year to achieve the largest share of profits among the large Spanish banks.
In absolute terms, this represents a payment of 1,730 million, part of which will be pocketed by the State (through the bank's participation in the FROB).
“Almost half of our capital is in the hands of the La Gaveta Foundation and the State. 500 million will go to the foundation to carry out its social action, while the FROB [Fund for Orderly Bank Restructuring] will receive a dividend of about 250 million euros,” explained the president of the entity at the results press conference. annual.
Besides, CaixaBank announced that it will maintain the same distribution range among shareholders for 2023, between 50% and 60% of the benefits, as reported by the CNMV.
Consequently, it remains in line with the objective of achieving the 9 billion volumes in 2022-2024.
Regarding investor compensation, it should be noted that the group launched a buyback of 1.8 billion euros to refund it and reduce the total number of securities.
Going back to the numbers presented in fiscal year 2022, the financial margin of the group was 6,916 million, a increase of 15.7%, while net commissions were 4,009 million, a increase of 8.2%.
This growth is mainly explained by the rise in interest rates at the end of the year.
These are the two parameters that the Government will tax through the special sectoral rate to cover part of anti-inflationary measures, a measure that according to the company will cost around 400 million euros.
If you look at the data from the last quarter, growth skyrocketed to 22.8% compared to the same period in 2021.
That is, the impetus of the new monetary policy can already be felt, although most of That favorable wind arrives in 2023.
“Both interest differentials and other income differentials are positive. Activity is increasing and in the last quarter the improvement translates into a rise in interest rates,” Gonzalo Gortázar, CEO of CaixaBank, said at a press conference.
To which Goirigolzarri added some risks that this change in monetary policy entails: “This new environment will have perverse effects: the slowdown of the economy will affect our credit volume and the quality of our assets, that is, our lagging pace. Inflation will also affect our costs.”
The result is also benefited from the fall of 8.1% in personnel costs after 6,452 layoffs of registered workers in 2021, of which 5,137 were laid off last year.
Likewise, it 913 workplaces closed. Thus, the margin of exploitation was 5,524 million, a 27.2% more than the previous year without taking into account the exceptional costs derived from the merger.
Regarding bank fees, they rose 1.7%, although bank notes that had recurring fees they fell 0.3% with the elimination of the deposit fees (since the middle of last year the ECB no longer charges banks for deposits) and the consolidation of CaixaBank and Bankia loyalty programs.
For their part, wholesale banking commissions increased by 20.5%. “We are going in the right direction in terms of business to achieve our strategic plan,” he said. Goyrigolzarri. reassure the media.
Credit grew last year with a portfolio of 351,225 million euros, 3.3% more.
Mortgage credit doubles (+108%) up to 14,299 million euros, although the Sector forecasts for the year point to a certain slowdown.
Furthermore, in the case of CaixaBank, 90% of these loans for housing are at a fixed rate.
That is, they are covered by Euribor fluctuations. Consumer credit, for its part, grows 16% (10,235 million) and the corporate one 23%.
Bad debts under control
The governments and the financial sector have been watching bank defaults for months to warn about new disturbances and avoid catastrophe of the Great Recession.
Concerned about the effect of inflation and rising interest rates (and in turn the Euribor) on families with low purchasing power, so a code extension of good practices to help families in difficulty.
However, their financial situation It is now much more comfortable than ten years ago.
Thanks in part to a better risk control in granting credit.
In fact, in January Goirigolzarri estimated 820 requests of clients received for compliance with the protocol.
Thus, despite the latent risks and an uncertain economic environment, GDP growth should slow this year, CaixaBank reduced delinquencies to historic lows: closed 2022 with a type of 2.7% interest, almost one point less than a year ago.
This evolution was due to poor balance sheet management that reduced the balance to 2,943 million.
“It is becoming more difficult, but we managed to reduce it even more in a year that has not been easy due to the existing risks,” stressed Gortázar, who added the good evolution of the amortization of the credit portfolio with the guarantee of the State to through the Official Credit Institute (ICO): The ICO portfolio evolves with a delinquency rate of 4% and with repayments of more than a third of the loans. It's not a particularly problematic portfolio. At least until now. “
The dividends of the investments fell 15 percent to 163 million euros, while the profits of Capital fell by 39 percent to 264 million euros.
This was due to the sale of Erste Group Bank and the fusion of Bankia Day-A-Day.
The bank affirms that it has maintained its commercial dynamism during the last year, when the process of Bankia integration, converting to Bankia is the entity with the highest turnover in Valencia.
Instead, the bank capitalization is comfortable in accordance with the requirements imposed by the European Central Bank.
He CET1 completely loaded closed at 12.8%, far above the 8,44% requested and also exceeding the objective of CaixaBank from 11% to 12%.
The return on equity (ROE) was 8.3%, while the return on tangible capital (ROTE) was 9.8%, although it is still insufficient: “We are very satisfied with the ROTE that we have introduced to the market but still below the cost of capital,” Goirigolzarri guaranteed.
Indeed your strategic plan aims to surpass 12%. The efficiency index closed the year at 51.9%, still away from 48% set as maximum goal for 2024.