By Adria Calatayud

CaixaBank SA said Friday that it has restated its 2022 results following the implementation of new accounting standards for insurance contracts, leading to a reduction in year-end common equity Tier 1 ratio and slightly lower gross income and net profit.

The Spanish lender said the implementation of IFRS 17 and IFRS 9 accounting standards will result in reductions of 555 million euros ($612.2 million) in reported equity after tax and of 20 basis points in its CET1 ratio. In February, the company said its fully-loaded CET1 ratio-a measure of financial strength--was 12.5% in December.

CaixaBank said its 2022 net profit has been restated to EUR3.13 billion from EUR3.145 billion reported previously, following the new standards. Gross income has been restated to EUR11.09 billion from EUR11.59 billion, it said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

April 28, 2023 03:45 ET (07:45 GMT)

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