Half Year 2024 Caixabank SA Earnings Call Transcript
Key Points
- CaixaBank SA (CAIXY) reported strong operating momentum with significant growth in loan and mortgage production.
- Net income for the second quarter of 2024 increased by over 30% compared to the same period last year.
- Customer funds grew by 5.9% in the first half of the year, with net inflows into wealth products up 25%.
- The bank upgraded its expectation for return on tangible equity to be above 17% by the end of the second quarter.
- CaixaBank SA (CAIXY) exceeded its 3-year target for sustainable finance, reaching €67 billion by June 2024, ahead of the December target.
- Despite strong financial performance, the bank faces intense competition in the mortgage market, impacting margins.
- The cost of risk remains a concern, with the bank reiterating its guidance of circa 30 basis points for the year.
- There is uncertainty regarding the impact of Basel IV on capital, although the bank expects it to be non-material.
- The bank's CET1 ratio of 12.22% may face pressure due to planned shareholder remuneration and potential regulatory changes.
- The increase in interest-bearing deposits, particularly from the public sector, could impact the bank's deposit beta assumptions.
Good morning, and welcome to CaixaBank results presentation for the second quarter of 2024. As usual, we are joined today by our CEO, Gonzalo Gortázar, and our CFO, Javier Pano. A reminder in terms of logistics, we plan to spend about 30 minutes with the presentation and about 50 minutes to 1 hour with the Q&A.
The Q&A is live, and you should have received instructions by e-mail on how to participate. Let me end by saying that my team and I will be at your full disposal after the call. And without further ado, Gonzalo, the floor is yours.
Thank you, Marta, and good morning, everybody. I would start with the highlights. I was going to say, have a good holiday, but you probably still have a few days at least before that. But in any case, I said it in advance. For us, we closed this first half of the year with, as you've seen, this is like very strong operating momentum.
And I
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