CaixaBank earned 4.81 billion euros in 2023 , which represents an increase in its profit of 54% compared to the previous year. The entity announced this Friday that, in line with these figures, it will distribute a dividend of 2.9 billion euros, half of which will revert to the company, according to the entity, due to the participation held by the “la Caixa” Foundation and the FROB.
The rise in interest rates during 2023 has benefited banking activity and, also, CaixaBank, which has seen its interest margin grow by 54.3%, to 10.11 billion euros. This has boosted the bank’s income by 31.6% to 15.14 billion euros and has compensated, according to the entity, the drop in commissions of 5.1%.
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CaixaBank registered an increase of 28.3%
“Specifically, recurring banking fees are reduced by 9.4% year-on-year due to the elimination of deposit custody fees from large companies and the bonuses applied to
customer loyalty programs,” the bank pointed out.
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In terms of gross margin, CaixaBank achieved an increase of 28.3% to 14.23 billion. For their part, personnel and general expenses grew during the year, by 4.7% and 6.1%, respectively. All in all, the return on equity (ROE) stands at 13.2% and the efficiency ratio is reduced by nine points to 40.9%.
The CEO of the entity, Gonzalo Gortázar , has pointed out that “in a very demanding environment, we have completed a very positive year in terms of commercial dynamism: we have granted 280,000 financing operations to companies and 80,000 new mortgages to families and we continue to increase our linked customer base, which now reaches 71.5%.”
The president of CaixaBank, José Ignacio Goirigolzarri , highlighted that “in 2023, CaixaBank has been very close to its clients, companies and individuals, financing their projects and managing their savings. All this, also, through a business model that is committed to financial inclusion and supports the most vulnerable groups.”
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in EL INDEPENDIENTE. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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