Thursday, February 2, 2017

The profit of the CaixaBank exceeds 1000 million euros – Express

The recovery of the Spanish economy, with the GDP growing more than 3% in 2016, have been a determining factor for the growth of Caixabank, acknowledged Jordi Solé, president of the board of directors, the presentation of the results of the bank. The profit of the bank, holds the largest branch network in Spain, made a profit of 1,047 billion in 2016, an increase of 28.6% compared to 2015. For the first time since 2011, exceeded 1000 million euros of profit.

According to the results, presented on Thursday in Barcelona, where the banking institution has its headquarters, the result before taxes was 1.538 billion euros, an increase of 141 % in relation to 2015, and the result of the business banking and insurance amounted to eur 1.979 million euros. With a profitability (ROTE) of 10.8%. According to the bank Catalan, the result was achieved due to the evolution of revenues and recurrent expenditures, have allowed the gross margin remained stable, in 7.827 million euros, and the operating margin reached 3.711 billion (+15,3 %), a lower impact of extraordinary expenses in relation to 2015 (-77,7 %) and the reduction of losses due to deterioration of financial assets and other provisions (-57,5 %).

The 16 of January of this year, has launched, with the Commission of Values in the Furniture Market, a TAKEOVER bid (public operation of the acquisition) over the whole of the capital of BPI, offering 1,134 euros per each one of their actions. The operation of purchase of shares was started January 17 and runs until 07 February next.

Jordi Solé points out the success of the offer a TAKEOVER bid of the BPI, in which he believes, as one of the great strategic challenges of the Caixabank to 2017 and one of the factors of value creation. “We are the point of culmination closely with the successful TAKEOVER bid on BPI”, he emphasised. The manager praised the quality of the management of the bank and said he believed in the profitability of the bank.

One of the main goals of Caixabank is to continue to increase profitability, and betting on innovation, in a highly competitive market.


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