CAIXABANK, S.A. [
January-June Contents- Key figures
- Key Group information
08 Macroeconomic trends
10 Results
25 Business activity
28 Risk management
31 Liquidity and financing structure
33 Capital management
35 Segment reporting
44 The CaixaBank share
- Significant events in the first half of 2017
- Appendices
47 Investment portfolio
47 Information on financing for home purchases and loans to real estate developers by CaixaBank 48 Ratings
49 Glossary
Change in scope of consolidation and comparability of information: On 7 February 2017, the CaixaBank Group effectively took control of the BPI Group (BPI). Since February, the Group has been reporting its total participation in BPI (84.5%) using the full consolidation method. Prior to this date, the financial information on BPI contained in this document was presented using the equity method in proportion to the Group's percentage of ownership at the time in question.
Note: The financial information contained in this document is unaudited and, accordingly, is subject to change. The consolidated income statement and the consolidated balance sheet at the end of the first half of 2017 and 2016 and for the year 2016, and the corresponding breakdowns of those statements provided in this report, are presented under management criteria, but have still been prepared in accordance with International Financial Reporting Standards (IFRS-EU) as adopted by the European Union under the terms of Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002, as subsequently modified. In preparing these statements, Circular 4/2004 of the Bank of Spain of 22 December, as subsequently modified, has also been taken into due account in that it adapts IFRS- EU to Spanish credit institutions.
This report has been prepared from the accounting records of CaixaBank, S.A. and the other Group companies, and includes certain adjustments and reclassifications required to apply the policies and criteria used by the Group companies on a consistent basis with those of CaixaBank. For this reason, and in relation to BPI specifically, the information set out in this report is not entirely consistent with the Group's published financial statements (see Reconciliation with the financial information released by BPI following the presentation format of the CaixaBank Group under Appendices - Glossary below). Likewise, the financial information regarding investees has been prepared primarily on the basis of estimates made by the Company.
Figures are presented in millions of euros unless the use of another monetary unit is stated explicitly, and may be expressed as either million euros or
€ million.
In accordance with the Guidelines on Alternative Performance Measures (APMs) published by the European Securities and Markets Authority on 30 June 2015 (ESMA/2015/1057), the appendices hereto provide definitions of certain alternative financial measures and, where appropriate, the reconciliation with the items contained on the financial statements for the period in question.
Business Activity and Results: January - June 2017| 1
Commercial positioning | |
15.8 13.8 CaixaBank 378,684 million customers 2.0 BPI in total assets (€ million) CaixaBank in Spain 29.5% 25.7% 348,903 228,435 market penetration among market penetration as in customer funds in loans and advancesto individual customers main bank among (€ million) customers (€ million) individual customers | |
Balance sheet indicators | |
LIQUIDITY CAPITAL RISK MANAGEMENT MANAGEMENT 65,594 6.5% total liquid assets 11.5% NPLratio (€ million) fully-loaded CET1 208% 15.5% 50% 58% liquidity coverage fully-loaded total NPL coverage ratio coverage ratio (foreclosed available- ratio capital1 for-sale RE assets) | |
Profitability and cost-to-income | |
+927 +92 52.2% banking and 839 equity insurance cost-to-income ratio, stripping out business investments extraordinary expenses profit attributable to the Group (€ million) (+31.6% vs 1H16) 6.5% 10.3% ROTE Recurring ROTE for banking +77 -257 and insurance business BPI non-core RE activity (1) Includes the redemption of the approximately €1,300 million issue of subordinated debt announced in July as well as the new pro-forma Tier2 of €1,000 million subscribed in July with a positive impact of 66 basis points. Business Activity and Results: January - June 2017| 2 | |
January - June Year-on-yearQuarter-on-
€ million 2017 2016 2Q17
INCOME STATEMENT HEADINGS
quarter
Net interest income | 2,349 | 2,041 | 15.1% | 1,196 | 3.7% |
Net fee and commission income | 1,252 | 1,010 | 23.9% | 664 | 13.1% |
Gross income | 4,280 | 4,049 | 5.7% | 2,387 | 26.1% |
Recurring administrative expenses, depreciation and amortisation | (2,216) | (2,002) | 10.7% | (1,125) | 3.2% |
Pre-impairment income stripping out extraordinary expenses | 2,064 | 2,047 | 0.8% | 1,262 | 57.3% |
Pre-impairment income | 1,958 | 2,047 | (4.4%) | 1,166 | 47.1% |
Profit/(loss) before tax | 1,005 | 888 | 13.2% | 554 | 23.1% |
Profit/(loss) attributable to the Group | 839 | 638 | 31.6% | 436 | 8.2% |
Total assets | 378,684 | 370,267 | 347,927 | 2.3% | 8.8% |
Equity | 24,375 | 24,779 | 23,556 | (1.6%) | 3.5% |
Customer funds | 348,903 | 338,053 | 303,895 | 3.2% | 14.8% |
Loans and advances to customers, gross | 228,435 | 227,934 | 204,857 | 0.2% | 11.5% |
€ million | June 2017 | March 2017 | December 2016 | Quarter-on- quarter | Year-to- date |
BALANCE SHEET |
EFFICIENCY AND PROFITABILITY (last 12 months)
Cost-to-income ratio | 55.1% | 54.0% | 52.6% | 1.1 | 2.5 |
Cost-to-income ratio stripping out extraordinary expenses | 52.2% | 52.4% | 51.0% | (0.2) | 1.2 |
ROE | 5.4% | 5.1% | 4.5% | 0.3 | 0.9 |
ROTE | 6.5% | 6.2% | 5.6% | 0.3 | 0.9 |
ROA | 0.3% | 0.3% | 0.3% | 0.0 | 0.0 |
RORWA | 0.8% | 0.9% | 0.8% | (0.1) | 0.0 |
RISK MANAGEMENT
Non-performing loans (NPL) | 15,492 | 16,135 | 14,754 | (643) | 738 |
Non-performing loan ratio | 6.5% | 6.7% | 6.9% | (0.2) | (0.4) |
Cost of risk (last 12 months)2 | 0.44% | 0.46% | 0.46% | (0.02) | (0.02) |
Provisions for non-performing loans | 7,732 | 7,985 | 6,880 | (253) | 852 |
NPL coverage ratio | 50% | 49% | 47% | 1 | 3 |
Net foreclosed available for sale real estate assets3 | 6,258 | 6,285 | 6,256 | (27) | 2 |
Foreclosed available for sale real estate assets coverage ratio | 58% | 59% | 60% | (1) | (2) |
LIQUIDITY
Total Liquid Assets | 65,594 | 55,256 | 50,408 | 10,338 | 15,186 |
Loan to deposits | 107.9% | 112.7% | 110.9% | (4.8) | (3.0) |
Liquidity Coverage Ratio | 208% | 158% | 160% | 50 | 48 |
CAPITAL ADEQUACY
Fully-loaded Common Equity Tier 1 (CET1) | 11.5% | 11.5% | 12.4% | 0.0 | (0.9) |
Fully-loaded Tier 1 | 12.2% | 11.5% | 12.4% | 0.7 | (0.2) |
Fully-loaded Total Capital4 | 15.5% | 15.1% | 15.4% | 0.4 | 0.1 |
Fully-loaded Risk-Weighted Assets (RWAs) | 151,223 | 152,874 | 134,385 | (1,651) | 16,838 |
Fully-loaded leverage ratio | 5.5% | 5.4% | 5.4% | 0.1 | 0.1 |
Common Equity Tier 1 (CET1) | 12.5% | 11.9% | 13.2% | 0.6 | (0.7) |
SHARE INFORMATION
Share price (€/share) | 4.180 | 4.029 | 3.140 | 0.151 | 1.040 |
Market capitalization | 24,988 | 24,085 | 18,768 | 903 | 6,220 |
Book value per share (€/share) | 4.01 | 4.08 | 3.94 | (0.07) | 0.07 |
Tangible book value per share (€/share) | 3.30 | 3.37 | 3.26 | (0.07) | 0.04 |
Number of outstanding shares excluding treasury stock (millions) | 5,978 | 5,978 | 5,977 | 0 | 1 |
Net income attributable per share (€/share) (12 months) | 0.21 | 0.20 | 0.18 | 0.01 | 0.03 |
Average number of shares excluding treasury stock (millions) (12 months) | 5,810 | 5,752 | 5,842 | 58 | (32) |
PER (Price/Profit) | 19.49 | 19.68 | 17.52 | (0.19) | 1.97 |
Tangible PBV (Market value/ book value of tangible assets) | 1.27 | 1.20 | 0.96 | 0.07 | 0.31 |
OTHER DATA (units)
Customers (millions) | 15.8 | 15.8 | 13.8 | 0.0 | 2.0 |
CaixaBank Group Employees | 37,336 | 37,638 | 32,403 | (302) | 4,933 |
Branches5 | 5,468 | 5,525 | 5,027 | (57) | 441 |
of which: CaixaBank retail branches | 4,749 | 4,799 | 4,851 | (50) | (102) |
See indicator definitions in Appendices - Glossary.
The ratio excludes the release of €676 million in provisions carried out in the fourth quarter of 2016 and considers BPI since its inclusion within the consolidated scope in February 2017.
Exposure in Spain.
Includes the redemption of the approximately €1,300 million issue of subordinated debt announced in July as well as the new pro-forma Tier2 of €1,000 million subscribed in July with a positive impact of 66 basis points.
Does not include branches outside Spain or representative offices.
Business Activity and Results: January - June 2017| 3
CaixaBank SA published this content on 28 July 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 July 2017 07:08:06 UTC.
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