CaixaBank sees forecast-beating revenue because of larger internet curiosity revenue

Spain’s CaixaBank SA mentioned Friday that its fourth-quarter revenue rose 62% in contrast with the identical interval a 12 months earlier, because of larger internet curiosity revenue.

The financial institution
CABK,
+2.26%
reported internet revenue of 688 million euros ($750.6 million) over October to December, beating analysts’ expectations for internet revenue of EUR632 million, based on a consensus forecast supplied by the financial institution.

The Spanish financial institution mentioned internet curiosity revenue stood at EUR2.07 billion, up 33% from a 12 months earlier, and in contrast with EUR1.89 billion anticipated by analysts.

Net curiosity revenue, a key driver of income for retail banks corresponding to CaixaBank, is the distinction between how a lot a financial institution earns on purchasers’ loans and the way a lot it pays purchasers for his or her deposits.

The financial institution’s sturdy capital place has allowed it to pay shareholders a dividend of EUR1.7 billion, mentioned José Ignacio Goirigolzarri, Chairman of CaixaBank.

“This amount, added to the EUR1.8 billion invested in the share buyback programme, raises the total capital distributed to shareholders to EUR3.5 billion,” he mentioned.

“We are in the right path to reach our target to distribute up to EUR9 billion in the 2022-2024 period,” he added.

The lender declared a 2022 dividend of 23.06 European cents, up from 14.63 European cents in 2021.

Write to Justina Lee at justina.lee@wsj.com and Ed Frankl at edward.frankl@dowjones.com

Source web site: www.marketwatch.com

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