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Name | Symbol | Market | Type |
---|---|---|---|
Caixabank (PK) | USOTC:CAIXY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.77 | 1.74 | 1.78 | 8 | 14:47:47 |
By Pietro Lombardi and Nathan Allen
CaixaBank SA (CABK.MC) raised its profitability target Tuesday as it presented its 2019-21 strategic plan ahead of its investor day.
The Spanish bank targets a return on tangible equity--a key measure of profitability--of above 12% by the end of 2021. This compares with a previous target of between 9% and 11% for 2018.
It confirmed it expects to pay a cash dividend of at least 50% of consolidated net profit.
The lender also sees it core tier 1 capital, a key measure of capital strength, at 12% by the end of 2021.
CaixaBank's fully loaded CET1 ratio was stable at 11.4% at the end of September, the bank said in its third-quarter results, while its RoTE stood at 9.4%.
During the 2019-2021 period CaixaBank expects core revenue to grow at a compound annual rate of around 5%, outpacing expected compound growth of 3% in recurring expenses.
Net interest income is seen growing at a compound annual rate of 5% in the period, compared with around 4% for fee and commission income and between 9% and 10% for insurance income.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com and Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
November 27, 2018 01:54 ET (06:54 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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