Caixabank earned 5,226 million in 2021 due to the impact of absorbing Bankia


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Caixabank’s first annual accounts with Bankia fully on the balance sheet. The profit without extraordinary items, that is, excluding the impacts of the absorption, was in 2021 at 2,359 million euros, compared to 1,381 million. Almost 1,000 million more profits after leaving behind a 2020 marked by the “high provisions” derived from the Covid-19 crisis.

Taking into account all the numbers of the bank, the total benefit amounted to 5,226 million euros. The data skyrockets when taking into account the impact of the absorption of Bankia. Specifically, the entity has made an accounting contribution of 4,300 million of negative goodwill and has to subtract the net cost of 1,433 million derived from the workforce adjustment and integration.

At Caixabank they celebrate these numbers and the way in which the integration has been carried out. And, now, they look directly at the dividend: «The entity’s board of directors has agreed to propose to the next general meeting of shareholders the distribution of a cash dividend of 0.1463 euros gross per share, charged to the profits of the year 2021, to be paid during the second quarter of 2022». With this, the amount of shareholder remuneration corresponding to the 2021 financial year will be 1,179 million euros, equivalent to 50% of the consolidated result adjusted for the extraordinary impacts of the merger with Bankia.

For 2022 the intention is a dividend distribution of 50-60% of the consolidated net profit and the entity has also announced its intention to undertake a share buyback program in the market.

In terms of profitability, Caixabank closed the year with a considerable improvement as well. ROE stood at 6.4% and ROTE at 7.6%, which represents 1.4 and 1.5 points more, respectively. Likewise, both the interest margin and the gross margin have grown by more than 20%, both in year-on-year terms, while net commissions have grown by more than 43%.

The CET1 solvency ratio stood at 13.2% and the delinquency ratio remained contained at 3.6% since the deterioration derived from the Covid crisis has not yet really surfaced.

Gonzalo Gortázar, CEO of the entity, has valued the figures and pointed out the challenges for 2022: «We are beginning a year in which we will have to materialize the cost and income synergies derived from the merger and propose the strategic lines of the entity for the next few years. We will do it in a complex environment, but with the certainty of having a magnificent starting base and the confidence that we are on the right path.” José Ignacio Goirigolzarri, the president, for his part, highlighted that they have met their objectives, “both in terms of equipment, as well as our technological platforms, and also our distribution models.”

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