The executive chairman of CaixaBank Group (CEO), Gonzalo Gortázar, quoted in the same statement, says that 2022 was “a very positive year” for the bank, highlighting the “commercial dynamism”, “quality” of credit and “financial strength”.
The bank stresses that in 2022, the year in which it completed the integration process of Bankia, considered the largest merger in the financial sector in Spain, Caixabank “managed to maintain the commercial pace despite the context of uncertainty generated by the invasion of Ukraine and met its financial and activity objectives.
CaixaBank’s profitability last year, measured by the index known as ROTE, grew by 9.8%.
Excluding the extraordinary impact of the merger with Bankia, CaixaBank’s revenues grew last year by 5.8% to €11,997 million, “driven by a 7.7% increase in interest margin and a 33.1% increase in insurance contract revenues and expenses.”
As for expenses, recurring (regular) management and amortization expenses decreased by 5.6%, which the bank associates to the synergies achieved with the integration of Bankia.
In 2022, CaixaBank has concluded a process of “voluntary departures” that is reflected in an 8.1% decrease in personnel expenses, says the bank.
As for credit, both loans to individuals and to companies increased, “with a growth in the sound loan portfolio (which excludes doubtful balances) of 3.3%, to 351,225 million euros.”
Credit granted to companies grew 7.6%, consumer credit increased 4.1%, and mortgages (loans for buying a house) increased 0.7%, according to CaixaBank.
In the specific case of Spain, home loans more than doubled last year (the increase was 108%), reaching 14,299 million euros.
In a context of rising interest rates, CaixaBank stresses that it “maintains its focus on fixed interest loans” and that in 2022, more than 90% of the bank’s home purchase contracts were made with fixed rates.
As for “doubtful balances” on credit, CaixaBank says they decreased to €10,690 million last year, down €2,943 million from 2021, with the default ratio (delays in loan payments or non-performing loans) at the end of 2022 standing at 2.7% (in 2021 it had been 3.6%).
At the end of 2022, the bank’s total customer funds were €609,133 million, down 1.7%, given “the impact of market volatility,” according to the bank.
The assets managed by Caixabank at the end of 2022 had also fallen, compared to 2021: they were 144,832 million euros, down 8.3%, which the bank essentially attributes to the unfavorable behavior of the markets, although there was a recovery in the last quarter of the year.
Overall, CaixaBank points out that it closed 2022 with liquid assets of €139,010 million and liquidity ratios of 194%, “well above the minimum required level of 100%.”
