Spanish lender CaixaBank Q1 2023 earnings highlight the bank’s its balance sheet strength. Moreover, the bank reports a record low non-performing loan ratio.

CaixaBank’s core revenues are up 30.4% to €3.45bn for the quarter. In particular, net interest income improved to €2.16bn (48.6%). Net banking fees and commissions remain stable (+0.1%) at €937m.

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First quarter net profit rises by 21% y-o-y to €855m.

The first quarter numbers also take account of the Spanish extraordinary tax on banks. This amounts to €373m for Caixa and reduces bank profits by 30%.

All margins show progress year on year with a ROTE of 10.5%. Meantime, CaixaBank’s cost-to-income ratio improves to 48.2%.

CaixaBank Q1 2023: mortgages, consumer and business lending all rise

Customer funds amount to €614.6bn and are up 0.5% in the quarter. Caixa reports net inflows of close to €3.8bn, with mutual funds and savings insurance outperforming.

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CaixaBank’s combined market share of deposits and long-term savings is now 26.5%.

New lending increases across all segments in year-on-year terms. Mortgage lending is +6%, consumer lending (+4%) and business loans (+21%).

The NPL ratio remains at an all-time low (2.7%). Non-performing loans drop to €10.45bn, down €243m million in the quarter.

Gonzalo Gortázar, CEO CaixaBank, said: “These results are very good news not only for our shareholders, including” la Caixa” Foundation and the Spanish State, through the FROB, but also for our clients. They reflect our capability to cater to their needs and for society as a whole. A sound and reliable financial system is key to support the overall economy.”

Caixa ends the first quarter with a Common Equity Tier 1 (CET1) ratio of 12.6%.