CaixaBank earned €814 million last year, 31.4% more than in 2014

Barcelona (CNA).- Catalonia's largest financial groupand one of the most significant companies in the whole of Spain, CaixaBank, obtained net profits of €814 million in 2015. This figure is 31.4% higher than what the group earned in 2014. The gross income increased by 11.3% in comparison to the previous year and reached €7.726 billion, according to CaixaBank president Isidre Fainé. Containment of recurrent expenditures, which dropped to 1.2%, and a lower level of default allocations, the rate of which dropped to 23.6%, also contributed to 2015’s positive results. The default rate fell to 7.9%, including Barclays’ loan portfolios. Barclays Bank SAU, the Spanish section of Barclays, was assimilated into CaixaBank in September 2014 for €800 million.

The incorporation of Barclays’ accounts has “reinforced” CaixaBank’s results, stated Fainé. The Catalan group’s net interest income grew by 4.8%, commissions increased by 10.3%, lending investment grew by 4.7% and clients’ resources increased by 9.1%.  

The loans portfolio reached €206.437 billion, including the 4.7% increase that came from the integration of Barclays’ portfolio. This portfolio has also benefited from new lending operations, which grew by 27%, especially mortgages (+57%), consumer loans (+48%) and those orientated toward companies (+23%).

Clients’ total resources reached €296.599 billion, 9.1% of which corresponds to Barclays’ portfolio.

Gross income increased by 11.3% in comparison to 2014 and reached €7.726 billion. The operating margin, without extraordinary expenses, grew by 15.7% and reached €3.663 billion. CaixaBank’s ordinary activity, which adds together net interest income and commissions, reached €6.366 billion and represented a 6.5% increase in comparison to 2014.

Expenses dropped to 1.2% but, adding Barclays’ accounts, the operating expenses grew by 7.7% and reached €4.063 billion. Losses incurred through the depreciation of financial assets were €2.516 billion, slightly lower than in 2014. Default allocations dropped by 23.6%.

The default rate accelerated its downward trend and dropped to 7.9%, eight points lower than in 2014.The doubtful assets portfolio reached €17.1 billion, some €5.242 billion less than in 2014. 

The investees’ portfolio dropped to 10%, six points less than the previous year and capital consumption fell by 8%.

Regarding its solvency, CaixaBank’s solvency level in CET1 was 12.7%.