MADRID (S&P Global Ratings) Feb. 3, 2023--S&P Global Ratings today said that CaixaBank S.A.'s net interest income will accelerate significantly in 2023 supported by still-rising rates, with the bank having reiterated its strategic target of about €9 billion distribution capacity in 2022-2024. CaixaBank (A-/Stable/A-2) reported today somewhat higher-than-anticipated bottom-line results for 2022, with a €3.1 billion reported profit, up 33.3% year over year excluding one-offs accounted for in 2021 related to Bankia's merger. This came mostly on higher revenue, lower recurrent costs, and slightly higher credit costs, translating to a 9.8% return on tangible equity. Higher profits have not resulted in a significant change to our risk-adjusted capital ratio projection of over 7.0% for 2023 and 2024, however. This is
