CaixaBank managed to increase its profits by 21.1% in the first quarter of the year, up to 855 million euros, despite paying 373 million of the temporary bank tax approved by the Government. The repricing of the portfolios (mortgages and credits) due to the increase in the Euribor boosted the interest margin by 49%. Once the tax is accounted for, the gross margin grows less: 17%.
In a statement, the CEO, Gonzalo Gortázar, highlighted that the entity has started the year "with very good commercial dynamics in a period in which the economy has shown itself to be more resilient than expected". The bank -like the rest of the sector- has fully attributed the impact of the tax in the first quarter of the year. Therefore, the increase in benefits will continue in the coming quarters simply because mortgage and loan payments will be higher, except for those with a fixed rate.
Regarding the evolution of credits, new production increases in all segments: mortgages (6%), consumption (4%) and companies (21%). Healthy credit reached 351,215 million and remained stable throughout the year, despite the increase in amortizations, mainly in the mortgage segment. These amortizations were because some clients prefer to amortize the mortgage instead of assuming the installment increases due to the rate rise.
Non-performing loans continue at record lows (2.7%), with a coverage ratio of 76% after rising two points since December. In addition, doubtful balances decreased to 10,447 million, with a reduction of 243 million in the quarter.
Net commissions remain stable because they grew only 0.1%. The bank explained that the recurrent ones show a slight reduction of 1%, impacted, among others, by the suppression of custody commissions on deposits to large companies and by the extension of loyalty programs for individual clients. This effect was partially offset by the increased activity in means of payment.
The workforce remains stable with a minimum growth of 29 people, up to 44,654 employees. The number of branches was reduced by 141 in the last year, to 4,263 branches.
