CaixaBank earns 4,816 million, almost 54% more, driven by the interest rate increase

CaixaBank ended 2023 with a profit of 4,816 million euros, 53.9% more than in 2022, driven by the increase in interest rates. As reported on Friday to the National Securities Market Commission (CNMV), the Spanish stock market regulator, the group added recurring revenues, derived from banking activities, of 15,137 million, 31.6% more than in 2022. In this way, Caixabank closes to the Sabadell, BBVA And Santanderwhich also closed last year with huge profits.

In concrete terms, the interest margin, that is, the difference between the profitability of assets, such as loans granted, and the interest paid by the bank, amounted to 10,113 million euros, an increase of 54.3%.

The growth of the interest margin, favored by the increase in tariffs and the management of the commercial network, offset the decline in net commissions, which fell by 5.1%, in line with the sector as a whole.

The good evolution of the group made the cost efficiency would skyrocket in 2023. Return on equity ended 2023 at 13.2% – compared to 8.3% a year ago – while financial return on tangible capital rose to 15.6%, up from 9.8% in 2022, while efficiency ratio improved by nine points, to 40.9%.

CaixaBank proposed in the Strategic Plan that its financial profitability on tangible capital would exceed 12% in 2024 and by the end of 2023 it had already comfortably exceeded that threshold, so when presenting the third quarter accounts, the bank already said that it was updating the figures. the strategic plan.

Concerning the assets under management, amounted to EUR 160,827 million, up 8.7% in the year, favored by net subscriptions to investment funds, savings insurance and pension plans, which reached EUR 5,339 million, up 34% compared to 2022. As for the late paymentremains at a very limited level and amounted to 2.7% in 2023, at the same level as in 2022.