CaixaBank closed 2024 with record profits. The group, with a presence in Spain and Portugal, earned a total of 5,787 million euros in 2024, a result 20.2% higher than in the previous year and even higher than its best record to date, in 2021, when it merged with Bankia and obtained 5,226 million euros. "It's an excellent year," began its CEO, Gonzalo Gortázar, at the press conference presenting the annual results in Valencia, from where they do not plan to move their registered office as Banco Sabadell has done.
The financial entity's revenues were 15,873 million euros in 2024, an 11.5% increase, and the dividend stands at 3,096 million euros (0.44 euros per share), with the forecast to maintain the same dividend plan for 2025 (between 50% and 60% of consolidated net profit). They also highlighted the more than 14,000 million in mortgages granted during the past year, a 50% increase, leading the mortgage market with a 25.6% share. About 1.2 million customers who have variable-rate mortgages (almost 60% of the total) have seen their mortgage payments reduced this 2024 after the interest rate cut and it will happen again this year, which will reduce the financial entity's results. Despite the large numbers, Gortázar points out that the return on equity, a ratio known as ROE, stands at 15.4%, far from when it was at 20% before the economic crisis.
With 630,000 million euros in assets and a network of 20.3 million customers, the financial entity thus widely exceeds the objectives set by the 2022-2024 strategic plan, the first it has had after the integration of Bankia. At that time, CaixaBank had a business volume of 973,000 million euros, a figure that now stands at 1,037 million euros. For this period, the ordinary dividend has been 7,700 million euros, with 2,400 million euros for the La Caixa Foundation and 1,300 million for the Frob.
As the leading bank in Spain, with a market share that has grown this 2024, the good results are closely linked to the national economy. "For the Spanish economy to be doing well is great news for CaixaBank. Spain is currently leading economic growth in Europe, we are creating jobs and tourism is at very positive levels, we also have a much lower level of indebtedness than other countries. Therefore, there is a lot of potential for the future," Gortázar emphasized at the press conference. In it, the entity's chairman, Tomás Muniesa, who took office this year, was not present, as on previous occasions. The CEO framed it within the European trend for the separation of functions corresponding to each executive profile, with the chairman more focused on the board and the shareholders' meeting.
What Gortázar pointed out is not working so well in Spain in recent years is business investment, which is why he criticized maintaining the bank tax. "A tax on interest margins is a tax on credit. It is very incompatible with the development of business investment. Spain must be strengthened as much as possible as an attractive destination for investment. Lending to an SME in Portugal is more attractive today than in Spain. This is what this tax has generated for us," he argued. As they have already done, they plan to appeal the tax.
After the return to Catalonia of Banco Sabadell's headquarters, CaixaBank has reaffirmed its "indefinite" commitment to remain in Valencia. Gortázar noted that "there has been no noise at all" this past week about whether they also had to return. A few days ago, Gortázar, along with Muniesa, met with the president of the Valencian Generalitat, Carlos Mazón.
Both the Government and the main Catalan business associations are working to reverse the departure of more than 4,000 companies that occurred in 2017 due to the political crisis caused by the 1-O referendum. "There is no news, we remain in Valencia. Our will to be in Valencia has no deadlines," he stressed. What Gortázar did concede is that, as Sabadell has maintained, "circumstances, fortunately, have improved" compared to seven years ago. "It is undeniable," the executive emphasized.
Regarding BBVA's hostile takeover bid for Sabadell, Gortázar has declined to comment on the operation, but he did point out that in Spain "there is room" for more banking consolidation. "The level of concentration is medium. Of the 27 countries in the Eurozone, Spain is at number 17-18. We are in the middle part, but in the lower middle. There is room," remarked the person who led the largest consolidation operation carried out so far in Spain, the merger between CaixaBank and Bankia: "We have done our homework."
Three months after the DANA
Just one day after three months had passed since the devastating DANA, the entity announced that it has registered almost 10,000 credit operations for an amount of 418 million euros for individuals and companies affected by a storm that left 227 fatalities. Of the 60 CaixaBank offices that were affected, all have already been able to reopen. Gortázar wanted to focus on the more medium and long-term solutions that are required, with structural reforms of the area to prevent a tragedy like this from happening again.