Caixabank: Q1 net income up 22% to E707m

(CercleFinance.com) - CaixaBank Group reported an attributable profit of 707 million euros in the first quarter of 2022, up 21.
9% y-o-y.
Reported profit increased by 37.6%, excluding extraordinary items arising from the merger with Bankia.

However, including the impacts generated by the merger, profit fell by 85.2% y-o-y, with Q1 2021 profit reaching 4.78 billion euros.

Core revenues amounted to 2.76 billion euros, down slightly (-1.7%), which is mainly due to lower net interest income (-5.4%) compared to the same period in 2021.

Assets under management amounted to 152.82 billion euros. Excluding market effects, they increased by 0.1%.

CaixaBank strengthened its capital and liquidity levels over Q1. Its CET1 ratio stood at 13.4% (13.2% without IFRS 9 transitional adjustments), while the total pro-forma MREL ratio was 26.5%, meeting the required level for 2024.

Total liquid assets amounted to 171.2 billion euros, up 2.85 billion euros over the quarter.

The market seems to approve the results, with the share up 2.5% this lunchtime.


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