Powerful retail banking franchise in Spain and well diversified business model. Improving capital base on the back of balance sheet derisking, conservative risk management, and sustained retained profits. Balanced funding profile and comfortable liquidity buffer. Geographic concentration in Spain and Portugal. High capital consumption in insurance and equity holdings. Still-limited profitability prospects amid increasing competition. S&P Global Ratings' stable outlook on CaixaBank S.A. assumes that the bank will remain committed to further strengthening its financial profile, as indicated in its strategic plan and, in particular, deliver on the restructuring of its distribution network to achieve targeted efficiency gains. We expect that profitability will gradually improve and support further capital strengthening. Specifically, we project our risk-adjusted capital (RAC) ratio to stand
