CaixaBank Q3 profit beats forecasts; net interest income slightly misses

CaixaBank reported a higher third-quarter net profit of €1.76 billion, surpassing the forecasted €1.63 billion. Net interest income, however, was €2.80 billion, slightly below the forecasted €2.82 billion. The Spanish bank's overall revenue from services, which includes wealth management, protection insurance, and banking fees, was €1.41 billion, aligning closely with the forecasted €1.39 billion.

Gross income and pre-impairment income were both close to forecasts, at €4.32 billion and €2.64 billion, respectively. For the first nine months, profit attributable to the group stood at €4.96 billion, marking a 12.9% increase from the previous year. Pre-tax profit rose 6.9% to €6.93 billion. Net interest income grew 2.9% to €8.19 billion, while revenues from services increased 7.7% to €4.18 billion.

Banking fees decreased 0.9% to €1.51 billion. The bank's customer funds were €760.35 billion at the end of September, a 1.5% decrease from June and a 5.6% increase from the previous year. The performing loan book grew 8% to €397.47 billion. The common equity Tier 1 capital ratio was 12.5%, slightly lower than the previous year's 12.6% due to a €500 million share buyback announced in April.