Adjustment period for Spanish banks. AND CaikaBank, the bank of the Catalan group La Caixa, it could have come out worse. In the first quarter of 2012 it recorded a profit of 48 million euros, 84% less than at the same period of 2011, but was included in the measures imposed on the financial reform that the Government imposed on banks to increase their solidity and protect them from real estate risk. In all the sanitation is cost CaixaBank 2,43 billion euros. Operating profit was 1,67 billion, 8,3% more than in 2011, and according to the institute, reflects the good evolution of commissions and the realization of capital gains.
The Catalan bank also maintained its turnover (+0,5%) and has confirmed its capital standards with a core capital of 12,4% and raising cash flow to 29,43 billion, 10,6% of total assets. The interest margin grew by 10,2% to 883 million despite the instability of the financial markets, the reduction in managed volumes and the increase in the cost of issues on the markets.
For the delinquency rate, CaixaBank reported a 5,25%, therefore better than national average of Spanish banks which hit a record high in February with 8,16%.
The bank underlines in a note that the generation of results and the availability of a generic fund of 1,85 billion have enabled CaixaBank to implement the measures required by the government to heal the financial system. “The great effort made makes it possible to increase the strength of the balance sheet and protect future results”, assures the Group chaired by Isidre Fainé.
At the end of March, CaixaBank had announced the purchase of Banca Civica for 1 billion euro, but the operation had no effect on the first quarter accounts. This merger confirms it the institute as the first bank on the Spanish market by assets, with assets of 342 billion euros and more than 14 million customers.
