Caixabank’s Q3 net profits rise 19% on insurance and lending By Stocksak

© Stocksak. FILE PHOTO – A man uses a Caixabank ATM at Barcelona, Spain, October 3, 2022. REUTERS/Nacho Doce

MADRID (Stocksak – Spain’s Caixabank announced Friday that its third quarter net profit rose 18.8% compared to last year due to an increase in lending income and fees, as well as higher earnings from its insurance company.

The country’s largest lender by domestic assets reported a net loss of 884 millions euros ($882.50m) during the July to September period. Stocksak polled analysts expecting a net profit in the range of 810 million euros.

Caixabank’s net income (NII), which is the earnings on loans less deposit costs, increased 6.2% year-on–year to 1.687 million euros in the third quarter. This was due to higher interest rates. The analysts’ predictions of 1.65 trillion euros were also exceeded.

However, the first nine months of this year saw a decrease in lending income by 0.4% compared with the same period last year.

($1 = 1.0017 euros)

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