CaixaBank’s first quarter of 2024 saw a net profit of 1,005 million euros, up from the previous year by 17.5%. The increase was driven by a nearly 30% increase in interest margin to almost 2,800 million euros. Despite higher interest rates in Mexico, with the European Central Bank planning to cut rates starting in June, CaixaBank attributed its increased results to financial and commercial strength. Growth in margins reflected good business dynamics and contained interest rates.
Commercial activity at CaixaBank saw significant growth, especially in new mortgage and consumer credit production. The bank’s business volume is close to one trillion euros, with customer resources increasing by 1% and healthy credit standing at 344,438 million euros. CEO Gonzalo Gortázar highlighted the bank’s solid profitability and efficiency despite challenges like the banking tax.
CaixaBank’s metrics such as NPL ratio, coverage ratio, liquidity ratio, and capital ratio remained stable or improved slightly by the end of the first quarter of 2024. The bank also made the decision to fully redeem an issue of preferred shares convertible into company shares for 1,000 million euros.
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