CaixaBank's 3Q Profit Boosted by Higher Lending Income
October 27 2023 - 2:09AM
Dow Jones News
By Giulia Petroni
CaixaBank reported a rise in third-quarter profit on higher
lending income despite a decline in its loans portfolio.
The Spanish bank on Friday said that net profit was 1.52 billion
euros ($1.61 billion) in the three months ended in September, up
19% compared with the same period a year earlier.
Net interest income--the difference between how much a bank
earns on clients' loans and how much it pays clients for their
deposits--increased 12% on year to EUR2.74 billion in the
quarter.
"The bank's performance in the first nine months of this year
has been very positive," said Chief Executive Gonzalo Gortazar. "In
the context of interest rate normalization, our results are solid,
a consequence of good commercial dynamics and prudent credit risk
management."
CaixaBank said the common equity tier 1 ratio stood at 12.3% in
September, well above regulatory requirements. The return on
tangible equity--a key measure of profitability--was 14.1% in the
first nine months of the year.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
October 27, 2023 01:54 ET (05:54 GMT)
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