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Caixabank 1Q24: Inline Figures, Spreads Have Already Performed Well

FINANCIALS

Caixabank 1Q24 results (CABKSM, A3/A- pos/A-) are very in line with expectations with credit metrics a touch better. CABK spreads have outperformed €IG peers YTD so perhaps there’s not enough here to drive that move further.


  • Key credit stats: CET1 is broadly in line with consensus and only marginally down on Dec-23 ( at 12.3%) and loan losses were 4% better than expected (at 28bp of lending). Non-performers are also in line (at 2.81%, from 2.74% at Dec-23).
  • Wider group: revenues are slightly better than expected (with good NII), costs are in line so net profit is 1.7% ahead of consensus. Results don’t come much more “in line” than these.
  • Outlook: there appear no changes to guidance and targets in here and 1Q24 figures appear to put the group on a solid trajectory to achieve.
Conf call is 1030 (London time) at {https://edge.media-server.com/mmc/p/ddvj58zo/} CABK SM Equity
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