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Caixabank’s Q4 recurrent net profit down 52%, sets new dividend policy -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A Caixabank branch ATM is used by a woman to withdraw money from Madrid’s Bankia and Caixabank banks. This was November 10, 2021. REUTERS/Susana Vera

By Jesús Aguado

MADRID (Reuters).-Spain’s Caixabank reported Friday that its fourth-quarter recurrent profits in 2021 decreased 52% compared with the year before due to lower one time gains.

Caixabank closed in March the Bankia acquisition worth 4.3 billion euro in a defensive move to cope with the ultra-low interest rates and coronavirus pandemic. It reported an underlying profit of 375.82 millions euros in October to December without any unusual items.

This figure is comparable to a profit in excess of 705 millions euros for the same time last year when combined with Bankia operations on a pro forma basis.

According to Reuters polling, accounting net profits in this quarter dropped 35% to 425 millions euros. This compares to a predicted net profit of 433 million euros by analysts. 655 millions euros was the net profit of the quarter without Bankia.

It stated that it would like to see a payout policy for dividend cash of 50-60% on 2022 earnings, compared with a rate of 50% in 2021. The lender also stated its intent to launch an open-market buy-back program for shares during the fiscal year 2022.

($1 = 0.8967 euros)

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