2e00ca40-7b79-4631-bf74-912775fa65ba.pdf


CaixaBank


BUSINESS ACTIVITY AND RESULTS


JAN UARY - DEC EM BER


Contents

Key figures 3 Key Group information for 2015 5 Trends in results and business activity 7

Macroeconomic trends 7

Results 9

Business activity 21

Risk management 24

Liquidity and financing structure 29

Capital management 31

Segment reporting 33

The CaixaBank share 36 Significant events in 2015 38 Appendices 41

Investee information 41

Ratings 41


Change in scope of consolidation and comparability of information: The 2015 income statement includes the earnings of Barclays Bank, SAU as from 1 January 2015. CaixaBank's consolidated balance sheet shows the assets and liabilities of Barclays Bank, SAU at fair value from 1 January 2015. Note: The financial information contained in this document is unaudited and, accordingly, is subject to change. The consolidated income statement and consolidated balance sheet at the end of 2015 and 2014, and the corresponding breakdowns of consolidated income statement and balance sheet items provided in this report, are presented in accordance with International Financial Reporting Standards (IFRS-EU), taking into account Bank of Spain Circular 4/2004 and subsequent modifications. Figures stated in millions are expressed either as "€ million" or "€ M". In accordance with IFRIC 21 on levies and IAS 8, the quarterly results for 2014 published in that year have since been restated, without any impact on the aggregate profit of 2014. Accordingly, the financial information for past quarters of 2014 impacted by this restating has been duly re-estimated.


2



LEADERSHIP IN RETAIL BANKING


2015 Market shares

1 Change 2015


Customer penetration (individuals)1


Customer penetration (individuals) as main bank1


28.3%


24.0%


Loans Deposits

Savings insurance



15.

16.4%


3%


22.2%


+1.2 pp


+0.6 pp


+0.5 pp


Customers (million)


Total Assets (€ million)


13.8


344,255


Pension plans Investment Funds Payroll deposits


17.9%


21.5%


24.9%


+2.1 pp


+2.6 pp


+1.8 pp


FINANCIAL STRENGTH


Capital adequacy / Common Equity Tier 1


9.50%

+3.5 pp / +2.1 pp Buffer

Liquidity / Loan to deposits

€ Million

54,090

50,952

106.1%

+€ 3,138 M / -3.4 pp 3Q15-4Q15


regulatory

12.7%

fully

loaded

liquidity

loan to deposits

11.6%

109.5%

9.25%


Required 2

4Q15 Required2

4Q15

3Q15 4Q15 3Q15 4Q15


Risk Management / NPL ratio


-1.8 pp 4Q14-4Q15

NPL and net foreclosed available for sale assets / Organic change3

€ Million

€-6,493 M 4Q14-4Q15



9.7%

9.7%

9.0%

8.7%

-692

7.9%

-903


-1,567

-1,469


-1,862


4Q14

1Q15

2Q15

3Q15

4Q15

4Q14

1Q15

2Q15

3Q15

4Q15


SUSTAINED INCOME GENERATION CAPACITY


Core operating income

(NII + fees and commissions - recurring expenses)

€ Million

Net profit by segments

€ Million

2014-2015 3Q15-4Q15

2015



▲


▲

+

.3%

2,207

2,303

+2.9%

522

537

1,606

(1,198)


406

814

Banking and insurance

business (ex real estate activity)

Real estate

activity Non-core

Investments Total CaixaBank Group

2014 2015 3Q15 4Q15


  1. Latest information available. Data prepared in-house, based on Bank of Spain, Social Security, INVERCO and ICEA. Loan share for the domestic private sector and 3

    share of deposits (demand + term). Market penetration source: FRS Inmark.

  2. The minimum capital requirements include Pillar 1 capital (4.5%), Pillar 2 and the capital conservation buffer (4.75% jointly). The buffer for other systemically important institutions will take effect from 1 January 2016 (0.25% to be phased-in over 4 years).

  3. Variation calculated by stripping out the impact of Barclays Bank, SAU balance sheet items at 1 January 2015.


December '15 September '15 December'14

€ million


Quarterly Annual

change change

BALANCE SHEET

Key figures

January - December

Change

€ million 2015 2014


4Q15 3Q15

INCOME STATEMENT HEADINGS


Net interest income

4,353

4,155

4.8%

1,045

1,038

Fees and commissions

2,013

1,825

10.3%

489

497

Gross income

7,726

6,940

11.3%

1,410

1,752

Expenses excluding extraordinaries

(4,063)

(3,773)

7.7%

(997)

(1,013)

Pre-impairment income stripping out non-recurring costs

3,663

3,167

15.7%

413

739

Pre-impairment income

3,120

3,167

(1.5%)

413

737

Profit attributable to the Group

814

620

31.4%

(182)

288


Total assets

344,255

343,454

338,623

0.2%

1.7%

Equity

25,204

25,575

25,232

(1.5%)

(0.1%)

Customer funds

296,599

289,460

271,758

2.5%

9.1%

Customer loans, gross

206,437

209,005

197,185

(1.2%)

4.7%

EFFICIENCY AND PROFITABILITY (last 12 months)


Cost-to-income ratio (Total operating expenses/ gross income)

59.6%

58.6%

54.4%

1.0

5.2

Cost-to-income ratio stripping out non-recurring costs

52.6%

51.7%

54.4%

0.9

(1.8)

ROE (profit attributable to the Group/ average equity)

3.4%

4.1%

2.7%

(0.7)

0.7

ROTE (attributable profit / average tangible equity)

4.3%

5.2%

3.4%

(0.9)

0.9

ROA (net profit / average total assets)

0.2%

0.3%

0.2%

(0.1)

0.0

RORWA (net profit / risk-weighted assets)

0.7%

0.8%

0.5%

(0.1)

0.2

RISK MANAGEMENT


Non-performing loans (NPL)

17,100

19,151

20,110

(2,051)

(3,010)

Non-performing loan ratio

7.9%

8.7%

9.7%

(0.8)

(1.8)

Non-performing loan ratio stripping out real estate developers

6.2%

6.5%

6.4%

(0.3)

(0.2)

Cost ok risk

0.7%

0.8%

1.0%

(0.1)

(0.3)

Provisions for non-performing loans

9,512

10,584

11,120

(1,072)

(1,608)

NPL coverage ratio

56%

55%

55%

1

1

NPL coverage ratio including collateral

128%

130%

132%

(2)

(4)

Net foreclosed available for sale real estate assets

7,259

7,070

6,719

189

540

Foreclosed available for sale real estate assets coverage ratio

58%

57%

55%

1

3

LIQUIDITY


Liquidity

54,090

50,952

56,665

3,138

(2,575)

Loan to deposits

106.1%

109.5%

104.3%

(3.4)

1.8

Liquidity Coverage Ratio

172%

155%

175%

17

(3)

CAPITAL ADEQUACY


Common Equity Tier 1 (CET1)

12.7%

12.8%

13.0%

(0.1)

(0.3)

Total Capital

15.7%

15.8%

16.1%

(0.1)

(0.4)

RWAs

145,499

146,291

139,729

(792)

5,770

Leverage ratio

5.7%

5.8%

5.7%

(0.1)

0.0

Fully loaded Common Equity Tier 1 (CET1)

11.6%

11.6%

12.1%

0.0

(0.5)

SHARE INFORMATION


Share price (€/share)

3.214

3.445

4.361

(0.231)

(1.147)

Market capitalization

18,702

20,047

24,911

(1,345)

(6,209)

Book value per share - fully diluted (€/share)

4.33

4.40

4.42

(0.07)

(0.09)

Tangible book value per share - fully diluted (€/share)

3.47

3.54

3.54

(0.07)

(0.07)

Number of shares - fully diluted (millions)

5,819

5,819

5,712

0

107

Net income attributable per share (EPS) (€/share) (12 months)

0.14

0.17

0.11

(0.03)

0.03

Average number of shares - fully diluted (millions)

5,820

5,821

5,712

(1)

108

PER (Price/ Profit)

22.97

20.40

39.65

2.57

(16.68)

Tangible PBV (Market value/ book value of tangible assets)

0.93

0.97

1.23

(0.04)

(0.30)

BANKING BUSINESS AND RESOURCES (Units)


Customers (millions)

13.8

13.8

13.4

0.0

0.4

CaixaBank Group Employees

32,242

32,372

31,210

(130)

1,032

Branches in Spain

5,211

5,253

5,251

(42)

(40)

ATMs

9,631

9,661

9,544

(30)

87

NOTE: The 2015 income statement includes the earnings of Barclays Bank, SAU as from 1 January 2015. CaixaBank's consolidated balance sheet shows the assets and liabilities 4

of Barclays Bank, SAU at fair value from 1 January 2015

CaixaBank SA issued this content on 29 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 January 2016 06:53:03 UTC

Original Document: http://www.caixabank.com/StaticFiles/pdfs/160129_HR_IPP4T15_en.pdf