CaixaBank closed the first half of the year with a profit of 1,573 million, compared to 4,181 million in the same period of 2021 (down 62.4%), when figures were impacted by the exceptional impact related to the merger with Bankia. Without taking this effect into account, the benefit up 17.1% vs. comparable pro forma result of 1,343 million euros in the first half of 2021.
And it is that, despite this effect,The company has raised all indicators of typical banking to double digits. The gross margin thus grew by 15.8% to 5,655 million. This was helped by a higher interest margin (+11.6%), fueled by the year-to-date increases in Euribor, and net commissions, which increased by 21.6% to 1,994 million for the half-year.
In commercial activity, the company highlights the production of insurance supported by the MyBox product offering, with annual growth of 25% in life risk insurance premiums and 44% in non-life policies. Also the Production of new mortgages (+58%), which reached 5,928 million euros, with a record last quarter reaching a volume of 3,806 million. New production of consumer loans rose 21% to 5,142 million and new production of loans to business and corporate customers rose 57%.
Secondly, Recurring spend down 5.6% for the synergies of the merger with Bankia. Loan loss provisions also fell by 16.8%. As a result, the efficiency ratio improved by 18.1 percentage points to 57.6%, which is close to the 50% at which experts believe a bank begins to be efficient.
Talk about late payments, was reduced by 0.4 percentage points to 3.2%, below the industry average and one of the lowest data among comparable banks. This is the lowest level the company has recorded since 2008. In addition, past due loan coverage increased to 65%. The dubious balances have fallen by 1,209 million to 12,424 million euros so far this year. With all of that, the trailing-12-month cost of risk was 0.23%.
refer to Solvency, the CET1 ratio is 12.4%, which represents a decrease of 83 basis points after the exceptional impact of the share buyback program, representing the total deduction of the maximum authorized amount of 1,800 million. That number is consistent with the company’s goal of bringing that ratio above 12%.