CAIXABANK, S.A. Core operating income from the banking business (net interest income plus fee and commission income) up 6.5% to reach €6,366 million. Net interest income in- creases 4.8% to reach €4,353 million while pre-impairment income excluding non- recurring costs stands at €3,663 million (+15.7%).
NPL ratio down to 7.9% (-181 basis points): Performance was driven by the sharp or- ganic decline in non-performing loans (€5,242 million in the year; €2,051 million in the fourth quarter).
Spain's leading bank: CaixaBank has a market penetration of 24% among individual customers (for whom CaixaBank is their main bank) and remains the leader in both online banking (4.8 million customers) and mobile banking (2.8 million customers).
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Key improvements were made to the cost-to-income ratio and profitability on the back of strong income generation capacity (gross margin up 11.3% to €7,726 million), the drive to reduce and streamline recurring expenses (-1.2% on a like-for-like basis) and the decline in loan loss provisions (€1,593 million, down 23.6%).
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Customer funds stood at €296,599 million (+9.1%) while loans totalled €206,437 million (+4.7%), following the integration of Barclays Bank, SAU and the declining pace of loan deleveraging. New loan production continued to increase, with mortgage loans up 57%, consumer loans up 48% and loans to companies up 23%.
In 2015, CaixaBank Asset Management (mutual funds) and VidaCaixa (life insurance and pension plans), both fully-owned subsidiaries of CaixaBank, topped the tables in investment and pension products, with upwards of €108,000 million under management across a wide range of investment funds, savings insurance and pension plans.
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The Bank has maintained its capital strength, reporting a fully-loaded Common Equity Tier 1 (CET1) ratio of 11.6%. According to the phased-in implementation timetable, regulatory CET1 stands at 12.7% while the total capital ratio is 15.7%, ahead of all the other main financial insti- tutions in Spain. Bank liquidity totalled €54,090 million.
The different programmes and initiatives of the "la Caixa" Group aimed at providing access to social housing (affordable housing through charity-assisted renting, social renting and the So- cial Housing Fund) currently have upwards of 33,000 homes available to low-income members of society.
This sound performance was driven by the strength of the banking business (gross margin up 11.3% to €7,726 million), in addition to the efforts made to reduce and streamline recurring expenses (-1.2% on a like-for-like basis) and the decline in loan loss provisions (€1,593 million, down 23.6%).
CaixaBank's existing strong commercial activity was given a further boost in 2015 with the integration of Barclays Bank, SAU, which has driven up net interest income (+4.8%), fee and commission income (+10.3%), customer lending (+4.7%) and customer funds (+9.1%).
Asset quality indicators also fared well, with the NPL ratio dropping to 7.9% in the quarter.
At 31 December 2015, profit from the banking and insurance business amounted to €1,606 million This figure includes a number of one-off impacts resulting from the acquisition and integration of Bar- clays Bank, SAU and the labour agreement signed in the second quarter. Excluding these impacts, return on tangible equity (ROTE) stood at 10.1%.
Other operating income and expenses for the fourth quarter included the expense arising from the contributions paid to the Deposit Guarantee Fund and to the National Resolution Fund for a combined total of €278 million.
Managing cost efficiency was a strategic focal point in 2015 and will continue to be so in the coming years. In 2016, a total of €189 million is expected to be captured in synergies with Barclays Bank, SAU (€115 million in 2015) and in savings deriving from the labour agreement.
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The commercial strength of the CaixaBank Group and the acquisition of Barclays Bank, SAU have enabled sustained growth in market shares for all the main financial products and services. Further- more, Euromoney named CaixaBank "Best Bank in Spain 2015", while Forrester Research awarded it the title of world's best bank when it comes to mobile banking services.
CaixaBank remains the leading bank in Spain among individual customers, with a market penetration of 28.3%, and also leads the way in online banking (4.8 million customers) and mobile banking (2.8 million).
Commercial strategies aimed at specific business segments, such as AgroBank, CaixaNegocios and HolaBank, saw further consolidation during the year. Moreover, the Bank recently announced the launch of imaginBank, Spain's first mobile-only bank.
On the commercial front, the Bank continues to focus efforts on attracting and retaining customers, as shown by the 782,000 payrolls secured in 2015 (up 30% year on year), increasing the Bank's payroll market share to 24.9% (+1.8pp in 2015) for a total of more than 3,200,000 payrolls.
Customer loans and advances, gross, stood at €206,437 million (+4.7%) following the integration of Barclays Bank, SAU and the declining pace of loan deleveraging. For the year as a whole, the per- forming portfolio excluding real estate developers grew by 7.7% (up €13,231 million). Organic change (-4.0%) was impacted by the significant reduction in organic exposure to the real estate development sector (-33.6% in 2015).
New loans were up 27% year on year, with mortgage loans up 57%, consumer loans up 48% and loans to companies up 23%.
CaixaBank's strong market shares for working capital financing products (19.8% for factoring and re- verse factoring and 15.9% for commercial loans) illustrate its commitment to providing credit for the productive system. The total loan market share was 16.4%.
Total customer funds stood at €296,599 million, up €24,841 million (+9.1% in 2015 with a +3.2% or- ganic change). As in previous quarters, the performance of customer funds was driven by the shift in savings towards off-balance sheet products through a broad and diversified product range. The mar- ket share for customer deposits was 15.3%.
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In 2015, CaixaBank was the leading bank in assets under management across both investment and pension products. In investment funds, CaixaBank Asset Management has a market share of 17.9% and ranks first in assets under management (€51,321 million including portfolios and SICAVs) and in the number of fund investors (1.2 million). During the year, CaixaBank AM received net subscriptions for €7,012 million in investment funds, accounting for 28% of the total for the sector.
In relation to pension plans and savings insurance, VidaCaixa remains the market leader in assets under management, with market shares of 21.5% and 22.2%, respectively.
CaixaBank has over €108,000 million under management across investment funds, savings insurance and pension plans, largely due to the growth of both Private Banking and Premier Banking. This figure is over 2.5 times higher than in 2007.
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 07:53:20 UTC
Original Document: http://www.caixabank.com/StaticFiles/pdfs/160129_NPResultados2015_en.pdf
