Caixabank's profits surge over 20% in 2024 reaching €5.8bn

Caixabank recorded a net profit of €5.79 billion in 2024, a 20.2% increase compared to the previous year, when profits stood at €4.82 billion, according to information released to Spain's National Securities Market Commission (CNMV) on Thursday.

In the final quarter of the year, the bank earned €1.54 billion, a 33% increase over the same period in 2023 (€1.16 billion), though 2.2% lower than in Q3.

HQ move to Catalonia ruled out

Caixabank was originally founded and based in Catalonia but moved its legal headquarters to Valencia in 2017 amid the political tension and economic uncertainty surrounding the Catalan independence bid.

During the presentation of its 2024 results, CEO, Gonzalo Gortázar, once again ruled out a return to Catalonia.

"The reason for being in Valencia goes beyond the deterioration of 2017," he said.

The director linked the decision to maintain its tax domicile in Valencia to Caixabank's merger with Bankia and said that the bank is now "different" from what it was eight years ago, while also offering his opinion that "fortunately the circumstances in Catalonia have improved."

"It is undeniable and this normalization process is good for everyone,” he said.

One week after Banco Sabadell decided to return to Catalonia, Gortázar said that in Caixabank's case there was "no news."

BBVA posts record profit

BBVA closed 2024 with a record profit of €10.05 billion, a 25.4% increase compared to the €8.02 billion achieved the previous year.

In the fourth quarter, the bank earned €2.43 billion.

As its takeover bid for Catalan bank Sabadell continues, BBVA's operating expenses have risen 18% to €14.19 billion, reflecting increased hiring and a higher level of investment.

The bank plans to hire about 1,100 more people in its technology and data departments, areas in which it has added 10,100 staff over the past three years.

The bank's net interest margin also reached historic levels, increasing by 13% to €25.27 billion, largely driven by strong credit demand.