CaixaBank SA
Grey Market:CAIXY

  • LAST PRICE
    1.7870
  • TODAY'S CHANGE (%)
    -0.0130 (-0.7222%)
  • Bid / Lots
    1.7600/ 1
  • Ask / Lots
    1.7900/ 43
  • Open / Previous Close
    1.7760 / 1.8000
  • Day Range
    1.7552
    1.7900
  • 52 Week Range
    1.3000
    2.7500
  • Volume
    328,011

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  • Nov 22, 2024

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    • 5:55AM ET on Friday Nov 22, 2024 by Dow Jones
      Companies Mentioned: BBVA, CAIXY, SAN

      1048 GMT - The earnings of Spain's largest banks are set to be hurt by the extension and change in mechanism of a banking tax though some of their smaller peers are set to benefit, Deutsche Bank says in a note. The parliament approved the proposed banking tax for the 2025 to 2027 period which introduces a progressive 1% to 7% rate range on Spanish net interest income and commissions, compared to the previous flat 4.8% rate. Those making above 5 billion euros would be taxed most. This is primarily negative for CaixaBank as it would add 80 million euros in costs to the 600 million euros in tax it pays per year, analyst Alfredo Alonso calculates. BBVA and Santander would be relatively less impacted, he adds. For Sabadell, Bankinter and Unicaja, they are set to face a lower tax bill. (elena.vardon@wsj.com)

    • 5:38AM ET on Friday Nov 22, 2024 by Dow Jones
      Companies Mentioned: BBVA, CAIXY, SAN

      1037 GMT - The approval of a Spanish bank tax proposal for 2025-27 could dent the earnings of the country's three largest lenders, Keefe, Bruyette & Woods say in a research note. "We estimate that under this new mechanism the levy will raise 1.7 billion euros out of 2024 revenues from the Spanish banks that we cover, which compares to the 1.5 billion euros raised so far this year," analysts Hugo Cruz and Ben Maher write. The extension of the levy was expected but not the change in its mechanism, which introduces a 1% to 7% range, against a flat 4.8% rate previously. CaixaBank's 2025 adjusted earnings could see a 2% hit, while those of BBVA and Santander should edge down by 1%. Unicaja could see an 8% positive impact and Sabadell and Bankinter a 2% one, they estimate. (elena.vardon@wsj.com)

  • Nov 19, 2024

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    • 5:12AM ET on Tuesday Nov 19, 2024 by Dow Jones
      Companies Mentioned: CAIXY

      1012 GMT - Donald Trump's victory in the U.S. presidential election is set to have a limited impact on Spain, CaixaBank's CEO, Gonzalo Gortazar, said in response to an analyst question at the company's investor day. In terms of tariffs, given that only 5% of Spain's exports go to the U.S. and that exports make up around 40% of gross domestic product, around 1.25% of Spain's GDP is exposed to the U.S. in a direct way, Gortazar notes. "I think we need to look at it as something that generally in terms of impact on Spain is going to be limited, but obviously we're part of the world and we'll have to see," he said. (elena.vardon@wsj.com)

    • 5:06AM ET on Tuesday Nov 19, 2024 by Dow Jones
      Companies Mentioned: CAIXY

      By Elena Vardon

      CaixaBank forecast weaker profitability over the next three years as falling interest rates and heavier costs eat into its margins.

      Spain's largest bank by domestic assets expects a return on tangible equity--a key measure of profitability--of more than 16% by the end of 2027, it said Tuesday as part of an investor day outlining medium-term goals.

    • 2:44AM ET on Tuesday Nov 19, 2024 by Dow Jones
      Companies Mentioned: CAIXY

      0743 GMT - CaixaBank's new midterm plan seems more focused on growth than before, Keefe, Bruyette & Woods says in a research note after the Spanish lender outlined its 2025-27 targets. The plan confirms that CaixaBank is a high-return-on-tangible-equity bank with low rates sensitivity, analysts Hugo Cruz and Ben Maher write. Growth is a key focus with around 4% target for volumes and a higher-than-expected increase in costs due to investments, they add. "For us the big picture is still unchanged," they write. The group raised its CET1 ratio and the capital distribution targets are now less clear, which could take time for the market to digest as no firm returns figure was given unlike its previous plan, they note. (elena.vardon@wsj.com)

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