CaixaBank Reports Higher 1Q Net Profit, Beating Expectations

By Adria Calatayud

CaixaBank said Friday that its first-quarter net profit rose, as higher interest rates boosted net interest income, against analysts' expectations of a profit decline.

Net profit for the first three months of the year was 855 million euros ($941.5 million) compared with EUR706 million in the year-earlier period, the Spanish bank said.

Net interest income--the difference between what banks earn on loans and what they pay clients for deposits--was 49% higher at EUR2.16 billion, leading CaixaBank's gross income to rise 17% to EUR3.10 billion, the lender said.

Analysts expected CaixaBank to report first-quarter net profit of EUR646 million, net interest income of EUR2.17 billion and gross income of EUR3.0 billion, according to consensus estimates provided by the bank.

CaixaBank said customer funds amounted to EUR614.61 billion at the end of the quarter, up 0.5% compared with Dec. 31, and that it received net inflows of around EUR3.8 billion during the quarter.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

May 05, 2023 01:04 ET (05:04 GMT)

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