Bulletin: CaixaBank's Integration Of Bankia Is On Track, While Lower Provisions Support Profits

MADRID (S&P Global Ratings) Oct. 29, 2021--S&P Global Ratings said today that CaixaBank S.A.'s (BBB+/Stable/A-2) results for the first nine months of 2021 confirm that the integration of Bankia S.A. remains on track. Pending milestones include the IT integration planned for November 2021 and the restructuring of certain joint ventures. The bank's focus is now on delivering announced synergies, mostly on the costs side. These synergies, along with the generally more supportive global economic environment, have improved CaixaBank's profitability prospects, which the COVID-19 pandemic had dampened. According to our forecasts, the bank's return on equity will hover around 7%-8% in the next two years. CaixaBank reported €4.8 billion in profit for the first nine months of 2021, or €2.0 billion

...October 29, 2021 MADRID (S&P Global Ratings) Oct. 29, 2021--S&P Global Ratings said today that CaixaBank S.A.'s (###+/Stable/A-2) results for the first nine months of 2021 confirm that the integration of Bankia S.A. remains on track. Pending milestones include the IT integration planned for November 2021 and the restructuring of certain joint ventures. The bank's focus is now on delivering announced synergies, mostly on the costs side. These synergies, along with the generally more supportive global economic environment, have improved CaixaBank's profitability prospects, which the COVID-19 pandemic had dampened. According to our forecasts, the bank's return on equity will hover around 7%-8% in the next two years. CaixaBank reported 4.8 billion in profit for the first nine months of 2021, or 2.0 billion excluding one-off items relating to the Bankia merger, up from 726 million in profit in the same period in 2020. Bottom-line growth, excluding one-off merger-related items, was mostly driven...

Bulletin