The entity, which shoots its results in the second quarter, aims to distribute a dividend of up to 50% on the result
CaixaBank has closed the first half of 2021 with an adjusted profit of 1,278 million euros, without the extraordinary charges associated with the merger with Bankia, compared to 205 million registered in the same period of 2020, weighed down by the provisions made by the coronavirus . Attributable profit, which only includes Bankia’s contribution from the second quarter, stands at 4,181 million, once the extraordinary impacts associated with the merger have been incorporated. Its shares fall at this time more than 2% on the stock market.
The integration represents a net positive contribution for accounting purposes of 4,300 million for negative goodwill, and a negative of 1,397 million for the cost of the personnel restructuring process and other expenses associated with the integration.
The CEO of CaixaBank, Gonzalo Gortázar, has announced that “after four months of intense and fruitful integration work”, they have decided to revise the cost savings targets upwards to 940 million per year, compared to the 770 million initially calculated. “We have been able to identify more synergies” than initially expected, especially due to the effect of the ERE agreed with the unions in June, which provides for the departure of 6,452 workers.
On the other hand, the CaixaBank board of directors agreed in its session on Thursday to approve the dividend policy for fiscal year 2021, establishing a cash dividend distribution of 50% of profit. This has been communicated to the CNMV after the announcement of the European Central Bank on July 23, 2021 not to extend its recommendation on the distribution of dividends by credit institutions beyond September 2021.
The bank will distribute a dividend from the consolidated net profit adjusted for the extraordinary impacts related to the merger with Bankia in a single payment in 2022.
Taking as a reference the proforma account that adds the results of CaixaBank and Bankia, both in the first semester of 2020 and in 2021, without considering the extraordinary aspects related to the merger, the profit is 1,343 million, compared to 347 million 2020, and with this comparable vision, core revenues increased by 1.2%, to 5,641 million.
Net interest income stood at 3,275 million in the semester, 2.3% less compared to the same period in 2020, due to the fall in credit income due to the reduction in interest rates, and the change in structure from the portfolio.
Dividend income (152 million) includes those of Telefónica and BFA (Banco de Fomento Angola) for 51 and 98 million euros, respectively (50 and 40 million in 2020).
The entity has reached June with a business volume that exceeds 964,000 million euros (resources and loans to customers), while customer resources amounted to 600,993 million at June 30, 44.7% more after the incorporation of Bankia.
Assets under management are 151,456 million euros, and the entity has explained that the evolution (+ 3.8% in the quarter and + 10.3% organic in the year) is marked by both positive subscriptions and favorable evolution markets until June.
Equity managed in mutual funds, portfolios and sicav stands at 105,040 million (+ 4.3% in the quarter and + 12.1% organic in the year) and pension plans reach 46,416 million (+ 2.7% in the quarter and + 6.7% organic in the year).
Gross credit to customers stood at 363,012 million euros, 48.8% more in the year after the integration of Bankia’s balance sheet, and credit to individuals increased by 59.6% in the year and 0, 7% in the quarter.
Likewise, credit to companies has increased by 37.5% in the semester and contracted in the quarter by 2%; and financing to the public sector has risen 42.9% in the year and 4% in the quarter.
On the other hand, the delinquency ratio reaches 3.6% and the coverage ratio, 64%, while the cost of risk – last 12 months, incorporating Bankia in the second quarter of this year – is 0 , 31%. The total of moratoriums granted by the group since the beginning of Covid-19 amounts to 617,212 operations for an amount of 23,896 million euros: in Spain, moratoriums have been granted for a value of 17,617 million (502,499 operations). Of the total moratoriums in force for the group as of June 30, valued at 6,789 million, 25% ends during the third quarter of 2021 and practically all, before the end of the year.