CaixaBank, a Spanish bank, has reported a 19% increase in net profit for the third quarter of this year compared to the same period last year. Despite a decline in its loans portfolio, the bank’s lending income contributed to this positive performance.
Strong Financial Results
In the three months ending in September, CaixaBank’s net profit reached €1.52 billion ($1.61 billion). The bank saw a 12% rise in net interest income, totaling €2.74 billion for the quarter. Net interest income is the difference between interest earned on loans and interest paid to depositors.
CEO Optimistic About Performance
Gonzalo Gortazar, the Chief Executive of CaixaBank, expressed his satisfaction with the bank’s performance, stating, “The bank’s performance in the first nine months of this year has been very positive.” He attributed this success to favorable commercial dynamics and diligent credit risk management, especially considering the ongoing normalization of interest rates.
Strong Capital Position
CaixaBank reported a common equity tier 1 ratio of 12.3% in September, comfortably surpassing regulatory requirements. Additionally, the return on tangible equity, a crucial measure of profitability, stood at an impressive 14.1% for the first nine months of the year.
These encouraging results demonstrate CaixaBank’s resilience and stability during challenging market conditions.
