2022-24 Strategic Plan Update
4 Q23 P&L AND BALANCE SHEET
4Q net income +75% yoy on higher revenues and lower LLCS
CONSOLIDATED INCOME STATEMENT
ЄM
4Q23
4Q22
% yoy
% qoq
Net interest income
2,749
1,970
+39.5%
+0.4%
Net fees and commissions
917
959
-4.4%
+2.5%
Insurance service result
321
277
+15.9%
+8.0%
Dividends (1)
18
32
-42.8%
REVENUES
Equity accounted
35
30
+15.9%
Trading
21
11
+98.1%
-65.1%
-70.9%
Other operating income/expenses (2)
(519)
(477)
+8.7%
Gross income
3,542
2,801
+26.4%
-11.8%
Recurring operating expenses
(1,447)
(1,376)
+5.2%
-1.6%
Extraordinary operating expenses
(15)
Pre-impairment income
2,095
1,410
+48.6%
-17.6%
Loan-loss charges
(359)
(434)
-17.3%
Other provisions (3)
(53)
(6)
+27.4%
-44.2%
COSTS
Gains/losses on disposals and other (4)
(53)
(32)
+66.0%
Pre-tax income
1,630
938
+73.8%
-23.8%
Tax, minority & other
(473)
(278)
+69.9%
Net income
1,157
659
+75.5%
-23.4%
-24.0%
Pro memoria
Core revenues (5)
4,009
3,215
+24.7%
-0.2%
PROVISIONS
o/w Fees Insurance revenues
1,260
1,245
+1.2%
-1.5%
Core operating income
(6)
2,562
1,839
+39.3%
+0.6%
CaixaBank
4Q23 P&L HIGHLIGHTS
Strong revenue growth yoy on the back of core revenues (5), with evolution qoq mainly
reflecting seasonal factors
NII up 40% yoy on wider margins; first full quarter with 0% MRR remuneration
O Fees mainly reflect lower account maintenance fees yoy, with rebound qoq
supported by AM, insurance and CIB
o Strong growth in insurance revenues yoy underpinned by higher activity;
qoq affected by (+) seasonality at SCA in Q3
Non-core revenues yoy reflect TEF dividend in 4Q22; and qoq, DGF charge
compounded by lower trading
Recurrent costs evolve in line with FY guidance
Positive jaws drive double-digit growth yoy in pre-impairment income
•
Lower LLCs yoy despite prudent YE provisioning
COR TTM at 28 bps, comfortably aligned with guidance
•
Evolution of other provisions and gains and losses affected by non-recurrent items
(1) Includes in 4Q23 singular dividends from minority investments in financial companies and, in 4Q22, TEF dividend (note that TEF dividend in 2023 was accrued in full in 1Q23). (2) It includes the annual DGF charge: -€419M pre-tax in 4Q23 (-€407 M
4Q22). Additionally, in 4Q23, it includes -€39M (pre-tax) corresponding to the cash disbursement of historical DGF charges in Portugal that were previously fulfilled through irrevocable payment commitments for which collateral had been provided.
(3) yoy evolution affected by a positive one-off provision release in 4Q22. (4) Yoy affected by non-recurrent factors both in 4Q22 and 4Q23 including intangible impairments in 4Q23 and disposal of singular building in 4Q22. (5) NII + fees + insurance
revenues (including insurance service result, equity accounted income from SCA and revenues from other insurance investments). (6) Core revenues minus recurrent expenses.
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