CaixaBank obtained a recurring attributed benefit of 1,278 million euros during the first half of the year without the extraordinary impacts associated with Bankia -Sus accounts were incorporated from April - and multiply by more than six times 205 million registered a Year earlier by CaixaBank alone, according to the Bank on Friday to the CNMV.
The attributed result, with all the extraordinary ones, triggers up to 4,181 million after all 4,300 million of the negative trade fund generated by the merger itself and subtract the 1,397 million cost for the adjustment of personnel and expenses associated with integration .
And recurring proforma or aggregated accounts of both entities in both complete periods and without including atypical said better improve from 347 million to 1,343 million.
The entity "has successfully completed the first phase of the merger, after presenting a very good semi-annual result and of having reached a work agreement for the reorganization of the entity," said his delegated counselor, Gonzalo Gortázar, anticipating that he will save more than I planned.
The Bank has raised, in fact, by 22% the expected cost savings goal and now expects to save 940 million a year, compared to the 770 initially calculated.
On the other hand, Gortázar appreciated that the European Central Bank (ECB) has decided to raise restrictions on the dividend of banking in September and has stressed that CaixaBank account "with very comfortable levels of capital and excellent risk management and, therefore, It is a priority to resume adequate remuneration for our shareholders. "
According to the Bank to the CNMV, the Bank's Board of Directors approved precisely yesterday to distribute via dividends 50% of the recurrent consolidated net profit or without including the extraordinary impacts of the merger corresponding to 2021. Its plan is to recover the dividend in Cash and pay it in a single fertilizer during 2022.
The executive explained, that despite the "complex" environment, the Bank has maintained its "Balance Fortress, with the best delinquency rates of the great banking" and a "high" rhythm of activity.
The entity concluded June with a CET1 capital of 12.9%, "above the estimates initially provided for in integration", and with a delinquency ratio of 3.6%. Its profitability measured in tangible or raised resources reached 9.8%, compared to 5.6% in June 2020.
With integration, the entity also maintains market shares of the 25% environment in Spain in key products such as investment funds, deposits or credits to families and companies.
Regarding the business, its volume increased above 964,000 million euros with the merger, as a sum of the resources of administered customers and the credits granted.
In client resources, the figure increased by 44.7% and amounted to 600,993 million with the operation, and it would rise by 6% without said effect. Of the total amount, 434,672 million euros are balanced resources and 151,456 million euros as active under management, which grow 3.3% and 10.3% year-on-year without including the incorporation of Bankia.
Gross credit to the clientele grew by 48.8% and amounted to 363,012 million, with expansions of 59.6% in financing to individuals and 37.5% with companies.
As regards the account, the main income or 'Core' of the entity in a proforma account - with both banks in comparable semesters complete - grew by 1.2% and amounted to 5,641 million, while the cost of costs and recurrent amortizations fell by 0.6%
The margin of interest in this Proforma vision was reduced by 2.3% due to the fall in income associated with credit for the reduction of interest rates, and the change of structure of the portfolio, with a greater weight of the ICO loans and credit to the public sector, and a lower contribution of financing for consumption.
CaixaBank was also recorded 152 million in dividend income, of which 149 million are by Telefónica and the subsidiary of Angola BFA and compared to the 90 million they contributed a year earlier. In addition, it added another 217 million in results attributed from entities valued by the method of participation, 79% more than the previous year.
The gross margin was reduced, however, 0.6% despite the increase in 'core' income and from the fall of 68.4% in the results of financial operations and an increase of 12.2% of The loads registered in other income and operating expenses.
On the lower part of the account, it is supported by an adjustment of 0.6% in the recurring administration and amortization expenses that allowed the efficiency ratio at 54.6%, and by having endowed 451 million for insolvencies Facing the 1,814 million in the first half of 2020.Date Of Update: 08 August 2021, 13:02