CaixaBank This Tuesday it presented its new strategic plan for the years 2025 to 2027, and in it it commits to achieving a profitability of more than 15%, while anticipating that solid economic growth will boost income and offset the impact of lower interest rates.
Although this figure is lower than the 16.9% recorded at the end of the third quarter, the entity expects that the profitability ratio on tangible equity (a measure of profitability in the sector known as RoTEfor its acronym in English), will exceed 16% again at the end of 2027.
Spain’s largest national bank by assets also said it aims for business volume to grow more than 4% on a cumulative annual basis over the next three years, driven by growth in loans and customer deposits.
The entity expects that Spain and Portugal, its two main markets, will grow around 2% over the three years, surpassing the economic growth of the Eurozone.
The bank expects interest margin (earnings on loans minus deposit costs) to exceed €11 billion by the end of 2027, similar to what it targets for the end of 2024.
The bank has committed to distributing dividends between 50% and 60% of the consolidated net profit and distributing the excess CET1 capital above 12.5%, after having set the objective of reaching 12,000 million euros in remuneration to the shareholder in the previous three-year cycle.
New strategic plan for a new stage
The new strategic plan marks the beginning of a new stage in which the entity will be chaired by Tomás Muniesa, following the resignation of José Ignacio Goirigolzarri, who will leave in January the position of executive president that he has held since the absorption of Bankia in 2021.
The new strategic plan focuses on attracting and connecting customers, as well as promoting digital hiring with the launch of new products and services.
The bank will invest more than 5 billion in technology during the deployment of its roadmap, which plans to develop commercial and service capabilities through generative artificial intelligence. The group’s workforce will incorporate around 3,000 young people during the period, most of them with technical profiles, to face a “more digital and competitive” scenario.
CaixaBank rules out acquisitions
At a press conference to present the new strategic plan, the CEO of CaixaBank, Gonzalo Gortázar, stated that his entity is betting on organic growth and that, therefore, it does not contemplate acquisitions in either Spain or Portugal, and has separated its strategy for the result of the takeover bid that BBVA wants to launch Banco Sabadell.
“We are not going to make any more acquisitions in that regard. There is nothing planned, regardless of the outcome of the takeover bid.” [de BBVA sobre Sabadell] or not. The intermediaries themselves are saying that even the sum of the two is still a unit smaller than ours,” he said. In addition, he indicated that the two banks affected by the takeover bid are the intervening entities, so he explained that the strategic and its objectives “are worth one result or another of the operation.”
Furthermore, Gortázar has stated that “he has no indication” that the composition of CaixaBank’s board of directors will change, which includes the possibility that the FROB, which has an 18% stake in the bank, adds a second counselor.
The CEO has defended the current composition of the board of directors, which has a greater weight of independents than proprietary ones, and this despite the fact that it has two large shareholders (CriteriaCaixa and the State through the FROB) that add up to 50%. of participation.
“To ensure that there was a large majority of independents, the main shareholders agreed four years ago [momento de la fusión entre Bankia y CaixaBank] reduce their participation in the process, have two proprietary directors on one side [CriteriaCaixa] and a proprietary director [el FROB] on the other,” explained Gortázar.
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