CaixaBank expects to achieve a return of over 12% and generate 9,000 million in capital by 2024

MADRID, 17 May.

CaixaBank expects to achieve a return of over 12% and generate 9,000 million in capital by 2024


CaixaBank expects to achieve a return of over 12% and an efficiency ratio of 48% in 2024, as well as an 8% increase in its net interest income and the generation of around 9,000 million euros of capital, according to the Strategic Plan 2022-2024 that the bank has sent this Tuesday to the National Securities Market Commission (CNMV).

The strategic priorities of CaixaBank's 2022-2024 Strategic Plan, the first after the integration of Bankia, focus on driving business growth, strengthening leadership in the retail segment, becoming the first bank of more companies, evolving the model of attention to adapt it to the maximum to the preferences of the clients and to consolidate itself as "a benchmark in sustainability in Europe".

CaixaBank aims to increase its income at a rate of 7% between 2022 and 2024, driven by insurance activity (10%) and the moderate evolution of commissions (2%), so that the interest margin rises by 8% supported by the new interest rate environment.

The strategic plan states that profitability (ROTE) will be above 12% at the end of the period, which means almost doubling current levels, while the efficiency ratio will improve 10 points compared to 2021, until it is below the 48%. Another pillar will be the control of non-performing loans, which is expected to fall below 3% at the end of 2024.

During the term of the plan, CaixaBank has set itself the internal objective of placing the highest quality CET1 capital between 11% and 12%, applying an "attractive" shareholder remuneration policy that will be supported by the increase in income and the neutralization of costs after the strong reduction undertaken in 2022 due to the capture of synergies after the merger with Bankia.

Specifically, it plans to generate around 9,000 million in capital, including dividends (with a 'pay out' of more than 50%), excess capital over 12% and the delivery of 1,800 million corresponding to the share buyback plan that will be distributed this year. Regarding the latter, CaixaBank announced this Tuesday that the repurchase of shares will have a maximum monetary amount of 1,800 million euros, will not exceed 10% of the bank's share capital, its maximum duration will be 12 months and its manager will be Morgan Stanley Europe SE.

In the energy transition of companies and individuals, CaixaBank wants to mobilize 64,000 million euros in sustainable financing through the promotion of various initiatives focused on the offer of products, ESG advice, awareness and training.

The president of CaixaBank, José Ignacio Goirigolzarri, has pointed out that the Strategic Plan focuses on the customer and on "developing the best proposals offering an excellent quality of service". For Goirigolzarri, the materialization of this roadmap will allow CaixaBank to achieve three objectives. "Firstly, to offer the best value proposition for our customers; secondly, to maintain an attractive dividend policy for shareholders; and, thirdly, to promote the energy transition of companies and society to make CaixaBank a benchmark in sustainability", he pointed out.

For his part, the entity's CEO, Gonzalo Gortázar, highlighted that the group's objectives for the next three years are focused on driving revenue growth, maintaining and continuing to promote the best omnichannel relationship model with customers and consolidate CaixaBank as "the benchmark financial group in Europe" for its social and environmental commitment.

"Thanks to the work of an exceptional workforce, we expect to be able to recover a return of 12% during the life of the plan, a return that will contribute to being able to properly remunerate all our shareholders, highlighting the reinforcement that it will mean for the "la Caixa" Foundation and its ability to continue carrying out their essential social work", he highlighted.