Link Securities | The chairman of Caixabank, José Ignacio Goirigolzarri, and the president of the Spanish Confederation of Business Organisations (CEOE), Antonio Garamendi, have renewed their agreement on Thursday to support the growth and modernisation of Spanish companies, as reported by the digital portal Bolsamania.com. Specifically, they have established a line of financing of up to €40 billion (14% more than last year) to provide an ‘effective response to the…

Jefferies | Caixabank | BUY | CABK SM | €5.12 | PT: €5.80 | % to PT: +13% | CaixaBank 1Q24 – In-line Prin and Guidance | 1Q24 in line at net income level. The 3% beat on NII is perhaps the major highlight (offset by small miss on others/LLCs), but very much confirming the dynamics already observed elsewhere hitherto. Upgraded FY24 NII guidance to MSD growth year-on-year (consensus already…

Link Securities| The Catalan entity informed that it has decided to partially liquidate a hedge on a 1.957% of its 3.510% stake in Telefónica by delivering a 1% stake. The stake in Telefónica will therefore be reduced to 2.510%. Caixabank estimates that this transaction will have no material impact on the income statement or the CET1 ratio. CaixaBank’s stake in Telefónica thus falls to the lowest level since it notified…

Link Securities| As reported in a Significant Event sent yesterday to the Spanish National Securities Market Commission (CNMV), the Board of Directors of Caixabank (CABK) has agreed to approve and initiate a programme to buy back its own shares for a maximum amount of €500 million. The objective of the programme is to reduce Caixabank’s share capital following the redemption of the treasury shares acquired. The capital reduction may be…

CaixaBank Group posted an attributable net profit of €4.82 billion in 2023, up 53.9% against the €3.13 billion reported in 2022. The Group serves 20.1 million customers through a network of around 4,200 branches located across all of Spain and Portugal and has more than €600 billion in assets. The Board of Directors has submitted a proposal to the General Shareholders’ Meeting for the payment of a cash dividend of…

Norbolsa | The bank will launch a digital platform for the sale of second-hand cars in the first half of 2024. In this regard, the company is finalising the creation of a digital platform for the sale of second-hand vehicles from a network of eight selected dealers that will cover the whole of Spain. This list of dealers will also be joined by Arval, a subsidiary of BNP Paribas that…