CaixaBank, S.A.

Reported net income was EUR 1.631 billion, up slightly over 10% year on year and close to 4% quarter on quarter. RoTE was 18%. NII was up 3.5% year on year and 2.5% quarter on quarter; revenues from services were up more than 7% year on year. Expenses were up 4.3% year on year, cost of risk was 24 basis points, and NPLs improved to 1.78% with coverage at 81%. The CET1 ratio ended at 12.54%, with 69 basis points of capital accretion in the quarter. For guidance, management reconfirmed its 2027 targets and said the 2027 NII target already embeds a broad range of rate and yield-curve scenarios. They also said revenues from services are likely to come in at the upper end of the circa 5% guidance, while the Board plans to approve an interim dividend of 30% to 40% of first-half net income to be paid in November.

Gonzalo Gortázar emphasized that the key story was commercial momentum: customer funds and performing loans both grew around 8%, net new clients exceeded 400,000, and insurance, payrolls and digital adoption all gained share. He framed the quarter as evidence that the bank’s franchise, balance sheet and transformation agenda are working together, highlighting AI tools, app leadership and the expansion of imagin. His tone was confident and constructive, and he repeatedly said the company is well positioned to keep growing while staying selective on risk and capital use.

Javier Pano focused on the P&L and balance sheet, highlighting EUR 1.631 billion of net income, 18% RoTE, 3.5% year-on-year NII growth, and service revenues up more than 7%. He said expenses rose 4.3% year on year in line with plan, cost of risk was 24 basis points after a prudent IFRS 9 macro recalibration, and the quarter benefited from gains on real-estate asset disposals; he also noted a EUR 135 million DTA write-up. On capital and liquidity, he cited a CET1 ratio of 12.54%, 69 basis points of capital accretion, liquidity sources of EUR 225 billion, an LCR of 184%, NSFR of 143%, and said the Board intends to approve an interim dividend of 30% to 40% of first-half net income.

Analysts pressed on whether strong loan growth and the higher curve should lead to better 2027 NII, but management said the existing guidance already covers a wide range of rate and curve outcomes and they were not revising it. Questions on fees and services drew the answer that growth is running above plan, but recurring banking fees remain pressured because management prioritizes client retention and some SRT-related effects also weigh on the line; they said stabilization is more likely later rather than immediately. Analysts also asked about deposits, deposit pricing and capital allocation: management said deposit growth remains healthy, competition is competitive but not structurally worse, deposit betas should stay in the low 20s, and excess capital will continue to be returned via dividends and buybacks, while M&A remains non-core and only attractive if well above cost of capital.