MNI: US TSY: LOWERS Q3 BORROWING ESTIMATE BY $106B TO $740B

MNI BRIEF: US Treasury Lowers Q3 Borrowing Estimate By $106B

MNI BRIEF: New Powers For UK Fiscal Body As Spending Overshot

MNI China Daily Summary: Monday, July 29

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

EZ/UK T-Bill Calendar: Belgium Nov 7, 2024 Short TC Due Tuesday

EZ/UK Bond Supply Calendar: Italy, UK Auction on Tuesday

BoE Data Watch

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Caixabank: Increasing Equity Payout, Capital Set To Fall

FINANCIALS

Caixabank (CABK SM) 4Q23 results were broadly in line, credit quality weakened marginally and equity holders are set to see an increased payout; minor credit negative.


  • Revenues were EUR3.54bn (-12% q/q, consensus 3.58bn), costs only fell 2% and credit losses rose over a quarter vs. 3Q23. Net profit was, therefore, down a quarter to EUR1.16bn (cons: 1.21bn). So relatively weak absolute trends.
  • Credit losses were 41bp (low, absolute) but up from 32bp in the prior quarter and non-performers are flat at 2.7%. The CET1 ratio is 12.4% (up 10bp in the quarter) and total capital is 17.1% (flat).
  • Mgmt is becoming more aggressive towards payout for equity holders; dividend is EUR 39.19cents (cons: 36.4) and indications are for a share buyback to supplement this and push CET1 towards 12%.

Conf call is ongoing…

Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.