CaixaBank 1H 2022 results

INDEX

CaixaBank Group 2Q22
INDEX
1	Key Figures
2	P&L acc
3	Core income acc
4	P&L yoy PF
5	Core income yoy PF
6	Average total assets
7	Yields and Costs	Institutional Investors & Analysts
8	Fees	[email protected]
9	Income from investments	+34 93 411 75 03
10	Trading income
11	Income insurance
12	Other operating income&exp.
13	Operating expenses
14	Impairment losses
15	G_L disposal of assets
16	Balance sheet
17	Customer Loans
18	ICOs
19	Customer Funds
20	Credit risk quality
21	IFRS9 Stages
22	Financing home purchasing LtV
23	Funding Issuances
24	Solvency
25	Segment P&L PF
26	Banking & insur P&L yoy
27	Banking & insur BS
28	Banking & insur P&L qoq PF
29	Insurance P&L yoy
30	BPI
31	Corporate Center P&L yoy
32	Corporate Center BS
33	Corporate Center P&L qoq PF
Notes
Disclaimer

mailto:[email protected]

Notes

Note: The financial information contained in this document is unaudited and, accordingly, is subject to change. The consolidated income statement and the consolidated balance sheet and the corresponding breakdowns of those statements provided in this report, are presented under management criteria, but have still been prepared in accordance with International Financial Reporting Standards (IFRS-EU) as adopted by the European Union under the terms of Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002, as subsequently modified. In preparing these statements, Circular 4/2017 of the Bank of Spain of 6 December, as subsequently modified, has also been taken into due account in that it adapts IFRS-EU to Spanish credit institutions.

This report has been prepared from the accounting records of CaixaBank, S.A. and the other Group companies, and includes certain adjustments and reclassifications required to apply the policies and criteria used by the Group companies on a consistent basis with those of CaixaBank. For this reason, and specifically in the case of BPI, the information contained in this document does not coincide with certain aspects presented in BPI's publication of financial information. Likewise, the financial information regarding investees has been prepared primarily on the basis of estimates made by the Group's directors, hereinafter the "Company".

Figures are presented in millions of euros unless the use of another monetary unit is stated explicitly, and may be expressed as either million euros or € million. Certain financial information in this report was rounded off and, specifically, the figures shown herein as totals may differ slightly from the arithmetic sum of the individual figures given before them.

In accordance with the Guidelines on Alternative Performance Measures (APMs) published by the European Securities and Markets Authority on 30 June 2015 (ESMA/2015/1057), the appendices hereto provide the definition of certain alternative financial measures and, where appropriate, the reconciliation with the items contained on the financial statements for the period in question.

In accordance with the Amendments to IFRS 4 and subsequent reviews, the Group has decided to apply temporary exemption from applying IFRS 9 to the financial investments of the Group's insurance firms for all periods that come before 1 January 2023, aligning its first application with the entry into force of the new IFRS 17: Insurance Contracts (expected on 1 January 2023), which will govethe presentation and measurement of insurance contracts (including technical provisions). Accordingly, these investments are measured in accordance with IAS 39 and grouped under the heading "Assets under the insurance business" on the balance sheet. To make the information more readily comparable, the Group has also grouped together the technical provisions corresponding to Unit Link and Flexible Investment Life Annuity (the part managed), which are now reported jointly under 'Liabilities under the insurance business'.

Key Figures


Key Group figures
June	December	Change	March	Quarter-on-quarter
2022	2021	2022
BALANCE SHEET
Total assets	704,505	680,036	3.6%	689,217	2.2%
Equity	34,843	35,425	(1.6%)	35,916	(3.0%)
BUSINESS ACTIVITY	0	0	0	0
Customer funds	624,087	619,971	0.7%	619,892	0.7%
Loans and advances to customers, gross	362,770	352,951	2.8%	353,404	2.7%
RISK MANAGEMENT	0	0	0	0
Non-performing loans (NPL)	12,424	13,634	(1,209)	13,361	(937)
Non-performing loan ratio	3.2%	3.6%	(0.4)	3.5%	(0.3)
Provisions for insolvency risk	8,126	8,625	(498)	8,648	(522)
NPL coverage ratio	65%	63%	2	65%	- 0
Net foreclosed available for sale real estate assets	2,110	2,279	(169)	2,223	(113)
LIQUIDITY	0	0	0	0
Total Liquid Assets	162,847	168,349	(5,502)	171,202	(8,355)
Liquidity Coverage Ratio (last 12 months)	323%	320%	3	325%	(2)
Net Stable Funding Ratio (NSFR)	150%	154%	(4)	154%	-4
Loan to deposits	88%	89%	(1)	89%	(1)
CAPITAL ADEQUACY	0	0	0	0
Common Equity Tier 1 (CET1)	12.4%	13.1%	(0.7)	13.4%	(1.0)
Tier 1	14.4%	15.5%	(1.1)	15.7%	(1.3)
Total capital	16.6%	17.9%	(1.3)	17.9%	(1.3)
MREL	24.6%	25.7%	(1.1)	25.7%	(1.1)
Risk-Weighted Assets (RWAs)	215,521	215,651	(130)	214,249	1,272
Leverage ratio	4.6%	5.3%	(0.7)	5.2%	(0.6)
SHARE INFORMATION	0	0	0	0
Share price (€/share)	3.317	2.414	0.903	3.077	0.240
Market capitalisation	26,079	19,441	6,638	24,779	1,300
Book value per share (€/share)	4.43	4.39	0.03	4.46	(0.03)
Tangible book value per share (€/share)	3.75	3.73	0.01	3.80	(0.05)
Net income (ex M&A impacts) attributable per share (€/share) (12 months)	0.30	0.28	0.02	0.28	0.01
PER (Price/Profit, ex M&A impacts ; times)	11.21	8.65	2.56	10.85	0.35
Tangible PBV (Market value/ book value of tangible assets)	0.88	0.65	0.24	0.81	0.07
OTHER DATA (units)	0	0	0	0
Employees	45,022	49,762	(4,740)	0	46,480	(1,458)
Branches2	4,543	5,317	(774)	0	4,824	(281)
of which: retail branches in Spain	3,934	4,615	(681)	0	4,213	(279)
ATMs	13,095	14,426	(1,331)	0	13,568	(473)
(1) The 2021 ratios do not include in the numerator the results generated by Bankia before 31 March 2021, which is the recognition date of the merger for accounting purposes or, for consistency, the contribution of the incorporated RWAs or balance items in the denominator. They neither consider the extraordinary impacts associated with the merger. (2) The March 2022 ratio Includes issues of Senior non-preferred debt for €1,000 million and £500 million in April 2022 (25.9% without considering this). (3) Data for December 2021 has been restated.

P&L acc


Income statement: Year-on-year and quarterly performance
1H22	1H21	Chg. %	1H22 ex M&A	Chg. %
€ million
Net interest income	3,156	2,827	11.6	2,827	11.6
Dividend income	131	152	(13.4)	152	(13.4)
Share of profit/(loss) of entities accounted for using the equity method	112	205	(45.5)	205	(45.5)
Net fee and commission income	1,994	1,640	21.6	1,640	21.6
Trading income	247	80	0.0	80	208.8
Income and expense under insurance or reinsurance contracts	411	318	29.3	318	29.3
Other operating income and expense	(397)	(339)	17.0	(339)	17.0
Gross income	5,655	4,883	15.8	4,883	15.8
Recurring administrative expenses, depreciation and amortisation	(3,011)	(2,747)	9.6	(2,747)	9.6
Extraordinary expenses	(23)	(1,970)	(98.8)	(1)	1,974.2
Pre-impairment income	2,621	166	0.0	2,135	22.8
Pre-impairment income stripping out extraordinary expenses	2,644	2,136	23.8	2,136	23.8
Allowances for insolvency risk	(376)	(328)	14.3	(328)	14.3
Other charges to provisions	(90)	(155)	(42.2)	(129)	(30.5)
Gains/(losses) on disposal of assets and others	(36)	4,284	0.0	(16)	126.4
Profit/(loss) before tax	2,120	3,966	(46.6)	1,662	27.6
Income tax expense	(546)	214	0.0	(384)	42.0
Profit/(loss) after tax	1,574	4,180	(62.4)	1,277	23.2
Profit/(loss) attributable to minority interest and others	1	(0)	(0)	(0)	(506.8)
Profit/(loss) attributable to the Group	1,573	4,181	(62.4)	1,278	23.1

Core income acc


Core income: Year-on-year and quarterly performance
Core income	1H22	1H21	Change	Chg. %
Net interest income	3,156	2,827	329	11.6
Income from Bancassurance equity investments	88	115	(26)	(23.1)
Net fee and commission income	1,994	1,640	354	21.6
Income and expense under insurance or reinsurance contracts	411	318	93	29.3
Total core income	5,649	4,899	750	15.3

P&L yoy PF


Comparative proforma income statement: Year-on-year performance
1H22	1H21	Change	Chg. %
€ million
Net interest income	3,156	3,275	(119)	(3.6)
Dividend income	131	152	(21)	(13.5)
Share of profit/(loss) of entities accounted for using the equity method	112	217	(105)	(48.4)
Net fee and commission income	1,994	1,922	72	3.8
Trading income	247	90	157
Income and expense under insurance or reinsurance contracts	411	318	93	29.3
Other operating income and expense	(397)	(380)	(16)	4.3
Gross income	5,655	5,593	62	1.1
Recurring administrative expenses, depreciation and amortisation	(3,011)	(3,191)	179	(5.6)
Extraordinary expenses	(23)	(1)	(22)
Pre-impairment income	2,621	2,402	219	9.1
Pre-impairment income stripping out extraordinary expenses	2,644	2,403	241	10.0
Allowances for insolvency risk	(376)	(451)	76	(16.8)
Other charges to provisions	(90)	(152)	63	(41.2)
Gains/(losses) on disposal of assets and others	(36)	(38)	3	(6.8)
Profit/(loss) before tax	2,120	1,760	360	20.5
Income tax expense	(546)	(417)	(129)	31.0
Profit/(loss) after tax	1,574	1,343	231	17.2
Profit/(loss) attributable to minority interest and others	1	(0)	1
Comparative proforma Profit/(loss)	1,573	1,343	229	17.1
- Profit/(loss) Bankia pre-merger stripping out extraordinary expenses, net	0	(65)	65
+ M&A impacts, net	0	2,903	(2,903)
Profit/(loss) attributable to the Group (accounting profit/(loss))	1,573	4,181	(2,608)	(62.4)

Core income yoy PF


Comparative proforma core income: Year-on-year performance
PF
Core income	1H22	1H21	Change	Chg. %
Net interest income	3,156	3,275	(119)	(3.6)
Income from Bancassurance equity investments	88	127	(39)	(30.4)
Net fee and commission income	1,994	1,922	72	3.8
Income and expense under insurance or reinsurance contracts	411	318	93	29.3
Total core income	5,649	5,641	8	0.1

Average total assets


Returns on average total assets1
2Q22	1Q22	4Q21	3Q21	2Q21
In %
Interest income	1.20	1.20	1.18	1.20	1.25
Interest expense	(0.29)	(0.31)	(0.29)	(0.28)	(0.27)
Net interest income	0.91	0.89	0.89	0.92	0.98
Dividend income	0.07	0.00	0.02	0.00	0.09
Share of profit/(loss) of entities accounted for using the equity method	0.04	0.03	0.04	0.08	0.07
Net fee and commission income	0.58	0.56	0.63	0.55	0.59
Trading income	0.06	0.08	0.05	0.03	0.02
Income and expense under insurance or reinsurance contracts	0.12	0.12	0.10	0.09	0.09
Other operating income and expense	(0.15)	(0.08)	(0.27)	(0.05)	(0.16)
Gross income	1.63	1.59	1.46	1.62	1.68
Recurring administrative expenses, depreciation and amortisation	(0.84)	(0.88)	(0.90)	(0.92)	(0.95)
Extraordinary expenses	(0.01)	0.00	0.00	0.00	0.00
Pre-impairment income	0.78	0.71	0.56	0.70	0.73
Allowances for insolvency risk	(0.08)	(0.13)	(0.20)	(0.09)	(0.09)
Other charges to provisions	(0.03)	(0.03)	(0.10)	(0.04)	(0.05)
Gains/(losses) on disposal of assets and others	(0.02)	(0.01)	(0.02)	(0.01)	(0.01)
Profit/(loss) before tax	0.66	0.55	0.24	0.56	0.58
Income tax expense	(0.17)	(0.14)	(0.05)	(0.13)	(0.12)
Profit/(loss) after tax	0.49	0.41	0.19	0.43	0.46
Profit/(loss) attributable to minority interest and others	0.00	0.00	0.00	0.00	0.00
Profit/(loss) attributable to the Group	0.49	0.41	0.19	0.43	0.46
Average total net assets (€ million)	707,629	706,116	695,346	690,460	671,368
(1) Annualised quarterly proforma income/cost to average total assets.

Yields and Costs

x
Quarterly cost and income1
2Q22	1Q22	4Q21
€ million	Average balance	Income or expense	Rate %	Average balance	Income or expense	Rate %	Average balance	Income or expense	Rate %
Financial Institutions	135,615	276	0.82	136,446	278	0.83	123,090	266	0.86
Loans and advances	(a)	335,025	1,358	1.63	329,860	1,306	1.61	333,254	1,355	1.61
Debt securities	90,495	85	0.38	87,510	59	0.28	81,945	53	0.26
Other assets with returns	62,310	385	2.48	67,682	427	2.56	63,773	388	2.42
Other assets	84,184	17	- 0	84,618	17	- 0	93,284	4	- 0
Total average assets	(b)	707,629	2,121	1.20	706,116	2,087	1.20	695,346	2,066	1.18
Financial Institutions	132,871	(182)	0.55	125,900	(168)	0.54	116,988	(144)	0.49
Retail customer funds	(c)	387,613	24	(0.03)	382,008	16	(0.02)	376,774	(1)	- 0
Wholesale marketable debt securities & other	47,441	(38)	0.32	47,624	(27)	0.23	48,003	(35)	0.29
Subordinated liabilities	9,265	(3)	0.11	9,936	(5)	0.21	10,380	(8)	0.31
Other funds with cost	75,937	(295)	1.56	82,045	(332)	1.64	82,184	(308)	1.49
Other funds	54,502	(21)	- 0	58,603	(21)	- 0	61,018	(11)	- 0
Total average funds	(d)	707,629	(515)	0.29	706,116	(537)	0.31	695,346	(507)	0.29
Net interest income	1,606	ERROR:#N/A	ERROR:#N/A	1,550	ERROR:#N/A	ERROR:#N/A	1,559	ERROR:#N/A	ERROR:#N/A
Customer spread (%)	(a-c)	1.66	ERROR:#N/A	ERROR:#N/A	1.63	ERROR:#N/A	ERROR:#N/A	1.61	ERROR:#N/A	ERROR:#N/A
Balance sheet spread (%)	(b-d)	0.91	ERROR:#N/A	ERROR:#N/A	0.89	ERROR:#N/A	ERROR:#N/A	0.89	ERROR:#N/A	ERROR:#N/A
3Q21	2Q21
€ million	Average balance	Income or expense	Rate %	Average balance	Income or expense	Rate %
Financial Institutions	114,742	252	0.87	90,624	237	1.05
Loans and advances	(a)	336,605	1,386	1.63	339,866	1,418	1.67
Debt securities	78,021	46	0.23	81,848	49	0.24
Other assets with returns	63,755	392	2.44	63,497	379	2.40
Other assets	97,337	9	- 0	95,533	4	- 0
Total average assets	(b)	690,460	2,085	1.20	671,368	2,087	1.25
Financial Institutions	115,452	(126)	0.43	109,060	(96)	0.35
Retail customer funds	(c)	371,366	2	- 0	362,009	(2)	- 0
Wholesale marketable debt securities & other	48,122	(37)	0.30	47,690	(35)	0.29
Subordinated liabilities	9,841	(8)	0.34	9,727	(7)	0.30
Other funds with cost	83,215	(313)	1.49	75,907	(297)	1.57
Other funds	62,464	(14)	- 0	66,975	(14)	- 0
Total average funds	(d)	690,460	(496)	0.28	671,368	(451)	0.27
Net interest income	1,589	ERROR:#N/A	ERROR:#N/A	1,636	ERROR:#N/A	ERROR:#N/A
Customer spread (%)	(a-c)	1.63	ERROR:#N/A	ERROR:#N/A	1.67	ERROR:#N/A	ERROR:#N/A
Balance sheet spread (%)	(b-d)	0.92	ERROR:#N/A	ERROR:#N/A	0.98	ERROR:#N/A	ERROR:#N/A
To help readers interpret the information contained in this report, the following aspects should be taken into account: • According to applicable accounting standards, income resulting from the application of negative interest rates should be reported in the appropriate income classification. Financial intermediaries on the assets side includes the negative interest on the balances of financial intermediaries held on the liabilities side, the most significant being income from ECB funding measures (TLTRO and MRO). Conversely, the heading financial intermediaries on the liabilities side shows the negative interest on the balances of financial intermediaries on the assets side. Only the net amount between income and expense for both headings has economic significance. • "Other assets with returns" and "Other funds with cost" relate largely to the Group's life insurance activity. • The balances of all headings except "Other assets" and "Other funds" correspond to balances with returns/cost. "Other assets" and "Other funds" incorporate balance items that do not have an impact on the Net interest income and on returns and costs that are not assigned to any other item.

Fees


Fees and commissions
1Q22	1Q21	Chg. %	1Q22	4Q21	3Q21	2Q21	1Q21
€ million	ERROR:#REF!
Banking services, securities and other fees	524	529	(1.1)	524	583	536	569	529
Recurring	471	488	(3.3)	471	527	493	503	488
Wholesale banking	52	43	22.0	52	56	43	66	43
Sale of insurance products	100	98	2.3	100	116	79	85	98
Long-term savings products	345	312	10.3	345	402	350	327	312
Mutual funds, managed accounts and SICAVs	216	195	11.0	216	242	220	204	195
Pension plans	76	75	1.7	76	95	79	76	75
Unit Link and other1	53	43	22.1	53	65	51	47	43
Net fee and commission income	969	941	2.9	969	1,101	964	981	941
(1) Includes income corresponding to Unit Link and Flexible Investment Life Annuity (the part managed).

Income from investments

Income from equity instruments
1Q22	1Q21	Chg. %	1Q22	4Q21	3Q21	2Q21	1Q21
€ million
Dividend income	1	0	1	39	1	151	0
Share of profit/(loss) of entities accounted for using the equity method	50	89	(43.1)	50	70	150	129	89
Income from equity investments	51	89	(42.2)	51	109	150	280	89

Trading income


Trading income
1Q22	1Q21	Chg. %	1Q22	4Q21	3Q21	2Q21	1Q21
€ million
Trading income	144	52	144	90	50	38	52

Income insurance


Income and expenses arising from insurance or reinsurance contracts
1Q22	1Q21	Chg. %	1Q22	4Q21	3Q21	2Q21	1Q21
€ million
Income and expense under insurance or reinsurance contracts	202	164	22.9	202	172	162	154	164

Other operating income&exp.


Other operating income and expense
1Q22	1Q21	Chg. %	1Q22	4Q21	3Q21	2Q21	1Q21
€ million
Contributions and levies	(21)	(19)	10.6	(21)	(396)	0	(181)	(19)
Other real estate operating income and expense (including Spanish property tax in Q1)	(38)	(29)	30.8	(38)	(1)	(18)	(14)	(29)
Other	(80)	(63)	27.9	(80)	(70)	(69)	(73)	(63)
Other operating income and expense	(140)	(111)	25.7	(140)	(466)	(88)	(268)	(111)

Operating expenses


Administrative expenses, depreciation and amortisation
1Q22	1Q21	Chg. %	1Q22	4Q21	3Q21	2Q21	1Q21
€ million
Gross income	2,775	2,774	0.1	2,775	2,563	2,828	2,820	2,774
Personnel expenses	(937)	(989)	(5.3)	(937)	(977)	(1,009)	(997)	(989)
General expenses	(391)	(421)	(7.2)	(391)	(404)	(413)	(423)	(421)
Depreciation and amortisation	(195)	(182)	7.1	(195)	(196)	(184)	(178)	(182)
Recurring administrative expenses, depreciation and amortisation	(1,523)	(1,593)	(4.3)	(1,523)	(1,577)	(1,606)	(1,598)	(1,593)
Cost-to-income ratio stripping out extraordinary expenses (%) (12 months)	57.4	55.4	2.0	57.4	58.0	56.4	55.8	55.4
Core income	2,761	2,808	(1.7)	2,761	2,889	2,809	2,833	2,808
Recurring administrative expenses, depreciation and amortisation	(1,523)	(1,593)	(4.3)	(1,523)	(1,577)	(1,606)	(1,598)	(1,593)
Core cost-to-income ratio (12 months)	55.8	54.6	1.2	55.8	56.2	55.3	54.6	54.6

Impairment losses


Impairment losses

1Q22	1Q21	Chg. %	1Q22	4Q21	3Q21	2Q21	1Q21
€ million
Allowances for insolvency risk	(228)	(297)	(23.2)	(228)	(344)	(165)	(155)	(297)
Other charges to provisions	(45)	(72)	(37.7)	(45)	(182)	(73)	(80)	(72)
Allowances for insolvency risk and other charges to provisions	(273)	(369)	(26.0)	(273)	(526)	(238)	(235)	(369)

G_L disposal of assets


Gains/(losses) on disposal of assets and others
1Q22	1Q21	Chg. %	1Q22	4Q21	3Q21	2Q21	1Q21
€ million
Real estate results	8	2	8	15	1	(5)	2
Other	(18)	(22)	(21.2)	(18)	(47)	(13)	(13)	(22)
Gains/(losses) on disposal of assets and others	(9)	(20)	(52.6)	(9)	(32)	(12)	(18)	(20)
0	0	0	0	0	0

Balance sheet

x
Balance sheet
31 Mar. 2022	31 Dec. 2021	Change	Chg. %
€ million
- Cash and cash balances at central banks and other demand deposits	110,471	104,216	6,255	6.0
- Financial assets held for trading	9,374	10,925	(1,551)	(14.2)
- Financial assets not designated for trading compulsorily measured at fair value through profit or loss	209	237	(28)	(11.9)
Equity instruments	139	165	(26)	(15.8)
Debt securities	5	5	0	2.4
Loans and advances	64	67	(2)	(3.3)
-Financial assets at fair value with changes in other comprehensive income	16,977	16,403	574	3.5
- Financial assets at amortised cost	431,735	420,599	11,136	2.6
Credit institutions	9,060	7,869	1,191	15.1
Customers	347,090	344,524	2,566	0.7
Debt securities	75,585	68,206	7,379	10.8
- Derivatives - Hedge accounting	620	1,038	(418)	(40.2)
- Investments in joint ventures and associates	2,531	2,533	(2)	(0.1)
- Assets under the insurance business1	78,230	83,464	(5,234)	(6.3)
- Tangible assets	7,901	8,264	(363)	(4.4)
- Intangible assets	4,921	4,933	(12)	(0.2)
- Non-current assets and disposal groups classified as held for sale	3,019	3,038	(19)	(0.6)
- Other assets	23,230	24,387	(1,157)	(4.7)
Total assets	689,217	680,036	9,182	1.4
Liabilities	653,301	644,611	8,690	1.3
- Financial liabilities held for trading	4,583	5,118	(535)	(10.4)
- Financial liabilities at amortised cost	561,790	547,026	14,765	2.7
Deposits from central banks and credit institutions	100,228	94,050	6,178	6.6
Customer deposits	400,604	392,479	8,124	2.1
Debt securities issued	51,985	53,684	(1,699)	(3.2)
Other financial liabilities	8,974	6,812	2,161	31.7
- Liabilities under the insurance business1	75,875	79,834	(3,959)	(5.0)
- Provisions	6,219	6,535	(315)	(4.8)
- Other liabilities	4,833	6,098	(1,265)	(20.7)
Equity	35,916	35,425	491	1.4
- Shareholders' equity	37,641	37,013	629	1.7
- Minority interest	32	31	1	4.2
- Accumulated other comprehensive income	(1,757)	(1,619)	(139)	8.6
Total liabilities and equity	689,217	680,036	9,182	1.4
1- In accordance with the Amendments to IFRS 4 and subsequent reviews, the Group has decided to apply temporary exemption from applying IFRS 9 to the financial investments of the Group's insurance firms for all periods that come before 1 January 2023, aligning its first application with the entry into force of the new IFRS 17: Insurance Contracts (expected on 1 January 2023), which will govethe presentation and measurement of insurance contracts (including technical provisions). Accordingly, these investments are measured in accordance with IAS 39 and grouped under the heading "Assets under the insurance business" on the balance sheet. To make the information more readily comparable, the Group has also grouped together the technical provisions corresponding to Unit Link and Flexible Investment Life Annuity (the part managed), which are now reported jointly under 'Liabilities under the insurance business'.

Customer Loans


Breakdown of loans and advances to customers
31 Mar. 2022	31 Dec. 2021	Change	Chg. %
€ million
Loans to individuals	182,923	184,752	(1,828)	(1.0)
Home purchases	138,666	139,792	(1,127)	(0.8)
Other	44,258	44,959	(702)	(1.6)
of which: Consumer lending	18,825	18,716	109	0.6
Loans to business	148,575	147,419	1,155	0.8
Public sector	21,906	20,780	1,126	5.4
Loans and advances to customers, gross1	353,404	352,951	453	0.1
Of which:	0
Performing loans	340,699	339,971	728	0.2
Provisions for insolvency risk	(8,277)	(8,265)	(12)	0.1
Loans and advances to customers, net	345,127	344,686	441	0.1
Contingent liabilities	27,491	27,209	281	1.0
(1) See 'Reconciliation of activity indicators using management criteria' in the 'Appendices'.

ICOs

Breakdown of government guaranteed loans
31 Mar. 2022	31 Dec. 2021
Amounts drawn, in € million	Total	Spain (ICO)	Total	Spain (ICO)
Loans to individuals	1,360	1,321	0	1,415	1,378
Other (self-employed workers)	1,360	1,321	0	1,415	1,378
Loans to business	19,930	18,792	0	20,337	19,265
Public sector	9	9	0	10	9
Loans and advances to customers, gross2	21,299	20,122	0	21,762	20,653
(2) Refers to the amount of loans and advances disposed by clients.

Customer Funds


Customer funds
31 Mar. 2022	31 Dec. 2021	Change	Chg. %
€ million
Customer funds	385,816	384,270	1,546	0.4
Demand deposits	354,337	350,449	3,888	1.1
Time deposits1	31,479	33,821	(2,342)	(6.9)
Insurance contract liabilities2	67,694	67,376	317	0.5
of which: Unit Link and other3	19,584	19,366	218	1.1
Reverse repurchase agreements and others	4,210	3,322	888	26.7
On-balance sheet funds	457,720	454,968	2,752	0.6
Mutual funds, managed accounts and SICAVs	106,241	110,089	(3,848)	(3.5)
Pension plans	46,581	47,930	(1,349)	(2.8)
Assets under management	152,823	158,020	(5,197)	(3.3)
Other accounts	9,350	6,983	2,367	33.9
Total customer funds4	619,892	619,971	(79)	0.0
(1) Includes retail debt securities amounting to €1,369 million at 31 March 2022. (2) Excluding the impact of the change in value of the associated financial assets, with the exception of Unit Link and Flexible Investment Life Annuity products (the part managed). (3) Includes technical provisions corresponding to Unit Link and Flexible Investment Life Annuity products (the part managed). (4) See 'Reconciliation of activity indicators using management criteria' in the 'Appendices'.

Credit risk quality


NPL ratio by segment
31 Dec. 2021	31 Mar. 2022
Loans to individuals	4.2%	4.1%
Home purchases	3.6%	3.5%
Other	6.4%	6.3%
of which: Consumer lending	4.4%	4.2%
Loans to business	3.5%	3.4%
Public sector	0.3%	0.1%
NPL Ratio (loans and contingent liabilities)	3.6%	3.5%
Changes in non-performing loans
1Q21	2Q21	3Q21	4Q21	1Q22
€ million	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!	ERROR:#REF!
Opening balance	8,601	14,077	14,005	13,955	13,634
Exposures recognized as non-performing (NPL-inflows)	610	1,509	1,292	1,633	1,133
Derecognitions from non-performing exposures	(561)	(1,582)	(1,341)	(1,955)	(1,406)
of which: written off	(129)	(435)	(151)	(375)	(170)
Exposures recognized as non-performing (NPL-inflows), net, Bankia at 31 Mar. 2021	5,427	0	0	0	0
Closing balance	14,077	14,005	13,955	13,634	13,361
Changes in provisions for insolvency risk1
1Q21	2Q21	3Q21	4Q21	1Q22
€ million	3Q17	4Q17	1Q18	2Q18	3Q18
Opening balance	5,755	9,415	9,001	8,955	8,625
Allowances for insolvency risk	174	155	165	344	228
Amounts used	(125)	(560)	(206)	(666)	(202)
Transfers and other changes	(7)	(8)	(5)	(8)	(3)
Provisions for insolvency risk, Bankia at 31 Mar. 2021	3,618	0	0	0	-
Closing balance	9,415	9,001	8,955	8,625	8,648
(1) Including loans and contingent liabilities.
Refinancing
31 Dec. 2021	31 Mar. 2022
€ million	Total	of which: NPL	Total	of which: NPL
Individuals	6,430	4,420	5,912	4,209
Corporates and SMEs	6,045	2,783	5,881	2,848
Public sector	186	13	178	10
Total	12,661	7,216	11,971	7,067
Provisions	2,702	2,441	2,877	2,637

IFRS9 Stages


IFRS9 Stages
31 Mar. 2022	Loan book exposure	Provisions
€ million	Stage 1	Stage 2	Stage 3	TOTAL	Stage 1	Stage 2	Stage 3	TOTAL
Loans and advances	310,454	30,245	12,705	353,404	(1,007)	(1,539)	(5,731)	(8,277)
Contingent liabilities	25,174	1,661	657	27,491	(36)	(77)	(258)	(371)
Total loans and contingent liabilities	335,628	31,905	13,361	380,895	(1,043)	(1,616)	(5,989)	(8,648)
31 Dec. 2021	Loan book exposure	Provisions
€ million	Stage 1	Stage 2	Stage 3	TOTAL	Stage 1	Stage 2	Stage 3	TOTAL
Loans and advances	308,423	31,548	12,980	352,951	(971)	(1,637)	(5,657)	(8,265)
Contingent liabilities	24,705	1,850	654	27,209	(21)	(38)	(301)	(360)
Total loans and contingent liabilities	333,128	33,398	13,634	380,160	(992)	(1,676)	(5,957)	(8,625)

Financing home purchasing LtV

Loan-to-value breakdown1
31 Mar. 2022
€ million	LTV ≤ 40%	40% <>LTV ≤ 60%	60% <>LTV ≤ 80%	LTV > 80%	TOTAL
Gross amount	41,230	47,405	33,307	15,380	137,322
of which: Non-performing	439	710	898	2,730	4,776
31 Dec. 2021
€ million	LTV ≤ 40%	40% <>LTV ≤ 60%	60% <>LTV ≤ 80%	LTV > 80%	TOTAL
Gross amount	40,497	47,524	34,325	16,285	138,630
of which: Non-performing	442	708	914	2,868	4,932
(1) Loan-to-value calculated on the basis of latest appraisals according to the criteria set out in Circular 4/2016.

Funding Issuances


Information on the Group's issuances in 2022
€ million
Issue	Amount	Issue date	Maturity	Cost1	Demand	Issuer
Senior preferred debt2	1.000	21 Jan. 2022	6 years	0.673% (mid-swap +0.62%)	1.500	Social bond
(1) Meaning the yield on the issuance. (2) Option of early redemption in the fifth year by the issuer. The issuance included in the table is callable, meaning that the option to redeem them early can be executed before the maturity date.

Solvency


Performance and key capital adequacy indicators

€ million	31 Mar. 2021	30 Jun. 2021	30 Sep. 2021	31 Dec. 2021	31 Mar. 2022	Quarter-on-quarter
CET1 Instruments	36,017	34,528	34,828	34,824	35,011	187
Shareholders' equity	37,172	36,271	36,708	37,013	37,641	628
Capital	8,061	8,061	8,061	8,061	8,061
Profit/(loss) attributable to the Group	4,786	4,181	4,801	5,226	707	(4,519)
Reserves and other	24,326	24,029	23,846	23,727	28,874	5,147
Other CET1 instruments1	(1,155)	(1,743)	(1,880)	(2,189)	(2,630)	(441)
Deductions from CET1	(6,547)	(6,135)	(6,126)	(6,487)	(6,292)	195
CET1	29,470	28,393	28,702	28,337	28,719	382
AT1 instruments	4,235	4,237	4,984	4,984	4,985	1
AT1 Deductions
TIER 1	33,705	32,630	33,685	33,322	33,705	383
T2 instruments	5,837	5,888	5,720	5,192	4,677	(515)
T2 Deductions
TIER 2	5,837	5,888	5,720	5,192	4,677	(515)
TOTAL CAPITAL	39,542	38,518	39,405	38,514	38,382	(132)
Other computable subordinated instruments. MREL	8,842	10,598	10,603	10,628	9,375	(1,253)
MREL, subordinated	48,384	49,116	50,008	49,141	47,757	(1,384)
Other computable instruments. MREL	6,375	6,378	6,379	6,382	7,384	1,002
MREL	54,759	55,494	56,387	55,524	55,141	(383)

Risk-weighted assets	208,585	220,881	220,201	215,651	214,004	(1,647)
CET1 Ratio	14.1%	12.9%	13.0%	13.1%	13.4%	0.3%
Tier 1 Ratio	16.2%	14.8%	15.3%	15.5%	15.7%	0.2%
Total Capital Ratio	19.0%	17.4%	17.9%	17.9%	17.9%
MDA Buffer2	12,571	10,314	10,678	10,686	10,935	249
MREL Ratio, subordinated	23.2%	22.2%	22.7%	22.8%	22.3%	(0.5%)
MREL Ratio3	26.3%	25.1%	25.6%	25.7%	25.8%	0.1%
Leverage ratio	5.4%	5.1%	5.2%	5.3%	5.2%	(0.1%)
CET1 Ratio - CABK (non-consolidated basis)	15.9%	13.4%	13.4%	13.9%	14.1%	0.2%
Tier 1 Ratio CABK (non-consolidated basis)	18.1%	15.5%	15.8%	16.4%	16.7%	0.3%
Total Capital Ratio - CABK (non-consolidated basis)	21.2%	18.4%	18.7%	18.9%	19.0%	0.1%
Risk-weighted assets (non-consolidated basis)	189,616	203,417	202,300	200,755	196,810	(3,945)
Profit/loss (non-consolidated basis)	4,601	3,490	3,565	4,215	790
ADIs4	7,655	6,572	6,466	6,987	7,707	720
MDA Buffer- CABK (non-consolidated basis)2	16,842	12,986	12,891	13,782	14,007	225
Leverage Ratio - CABK (non-consolidated basis)	5.8%	5.2%	5.2%	5.5%	5.4%	(0.1%)
0	0	0
Data at December 2021 updated using the latest official information. (1) Mainly includes the forecast for dividends, IFRS 9 transitional adjustment and OCIs. (2) MDA (Maximum Distributable Amount) Buffer: the capital threshold below which limitations exist on dividend payments, variable remuneration and interest payments to holders of Additional Tier 1 capital instruments. It is defined as Pillar 1 + Pillar 2 capital requirements + capital buffers + possible AT1 and T2 deficits. Either the non-consolidated or the consolidated, whichever is lower. (3) On 31 March, the proforma subordinated MREL ratio, with the issues disbursed in April, would be 23.1% (26.5% total). (4) Does not include the issue premium.

Segment P&L PF


CaixaBank Group income statement, by business segment (proforma)
Banking and insurance	BPI	Corporate Center	Group
€ million	Banking and insurance	BPI	Corporate Center	Group
Net interest income	1,435	112	2	1,550
Dividend income and share of profit/(loss) of entities accounted for using the equity method	44	5	2	51
Net fee and commission income	897	71	969
Trading income	119	9	16	144
Income and expense under insurance or reinsurance contracts	202	202
Other operating income and expense	(120)	(19)	(140)
Gross income	2,578	178	19	2,775
Recurring administrative expenses, depreciation and amortisation	(1,394)	(114)	(15)	(1,523)
Extraordinary expenses	(8)	(8)
Pre-impairment income	1,176	64	4	1,244
Pre-impairment income stripping out extraordinary expenses	1,184	64	4	1,252
Allowances for insolvency risk	(262)	34	(228)
Other charges to provisions	(45)	(0)	(45)
Gains/(losses) on disposal of assets and others	(9)	0	(9)
Profit/(loss) before tax	860	98	4	962
Income tax expense	(224)	(29)	(1)	(254)
Profit/(loss) after tax	636	69	3	708
Profit/(loss) attributable to minority interest and others	1	1
Profit/(loss) attributable to the Group	635	69	3	707

Banking & insur P&L yoy


Banking & insurance business - Income statement: Year-on-year performance
Proforma
€ million	1Q22	1Q21	Chg. %	1Q21	Chg. %
INCOME STATEMENT
Net interest income	1,435	1,091	31.5	1,539	(6.7)
Dividend income and share of profit/(loss) of entities accounted for using the equity method	44	50	(11.6)	62	(28.9)
Net fee and commission income	897	595	50.8	877	2.3
Trading income	119	32	42
Income and expense under insurance or reinsurance contracts	202	164	22.9	164	22.9
Other operating income and expense	(120)	(57)	(98)	22.9
Gross income	2,578	1,875	37.5	2,587	(0.3)
Recurring administrative expenses, depreciation and amortisation	(1,394)	(1,023)	36.2	(1,462)	(4.7)
Extraordinary expenses	(8)	(40)	(81.1)
Pre-impairment income	1,176	812	44.9	1,125	4.6
Pre-impairment income stripping out extraordinary expenses	1,184	852	39.0	1,125	5.3
Allowances for insolvency risk	(262)	(189)	38.9	(312)	(16.0)
Other charges to provisions	(45)	(48)	(6.2)	(72)	(37.1)
Gains/(losses) on disposal of assets and others	(9)	4,302	(20)	(52.9)
Profit/(loss) before tax	860	4,877	(82.4)	721	19.2
Income tax expense	(224)	(154)	45.3	(200)	12.1
Profit/(loss) after tax	636	4,723	(86.5)	521	22.0
Profit/(loss) attributable to minority interest and others	1	(0)	0
Profit/(loss) attributable to the Group	635	4,723	(86.6)	522	21.7
0	0	0	0
INCOME STATEMENT BREAKDOWN	0	0	0	0
Core income	2,570	1,897	35.5	2,639	(2.6)
Banking services, securities and other fees	483	313	54.5	493	(2.0)
Recurring	431	278	55.3	452	(4.5)
Wholesale banking	52	35	47.9	42	23.8
Sale of insurance products	87	43	85	1.9
Long-term savings products	328	240	36.8	299	9.6
Mutual funds, managed accounts and SICAVs	206	142	45.6	186	11.2
Pension plans	76	59	28.9	74	2.4
Unit Link and other	46	39	16.9	39	16.7
Net fee and commission income	897	595	50.8	877	2.3
Personnel expenses	(868)	(646)	34.4	(916)	(5.3)
General expenses	(350)	(259)	35.2	(381)	(8.2)
Depreciation and amortisation	(176)	(119)	48.5	(165)	7.1
Recurring administrative expenses, depreciation and amortisation	(1,394)	(1,023)	36.2	(1,462)	(4.7)
Extraordinary expenses	(8)	(40)	(81.1)
0	0	0	0	0
OTHER INDICATORS	0	0	0
ROTE1	7.9%	8.5%	(0.6)
Cost-to-income ratio stripping out extraordinary expenses (12 months) (12 months)	58.4%	53.0%	5.4
Cost of risk (12 months)	0.25%	0.67%	(0.4)
(1) In 2022, the ratio (last 12 months) excludes the extraordinary impacts associated with the integration of Bankia from 2Q21 (€-1,405 million). In 2021, the ratio excludes €4,272 million corresponding to the extraordinary impacts associated with the integration of Bankia and the gains on the partial sale of Comercia (€+420 million in 4Q20). The coupon for the part of the AT1 issue assigned to this business has also been deducted.

Banking & insur BS


Banking & insurance business - Balance sheet
31 Mar. 2022	31 Dec. 2021	Change	Chg. %
€ million
BALANCE SHEET
Assets	639,638	632,422	7,216	1.1
Liabilities	611,997	604,170	7,827	1.3
Assigned capital	27,609	28,221	(612)	(2.2)

LOANS AND ADVANCES TO CUSTOMERS
Loans to individuals	167,675	169,873	(2,198)	(1.3)
Home purchases	125,230	126,709	(1,479)	(1.2)
Other	42,445	43,164	(718)	(1.7)
of which: Consumer lending	17,306	17,218	88	0.5
Loans to business	137,708	136,882	826	0.6
Public sector	19,782	18,689	1,092	5.8
Loans and advances to customers, gross	325,165	325,444	(279)	(0.1)
of which: performing loans	313,096	313,090	6
of which: non-performing loans	12,069	12,355	(286)	(2.3)
Provisions for insolvency risk	(7,740)	(7,689)	(50)	0.7
Loans and advances to customers, net	317,426	317,755	(330)	(0.1)
Contingent Liabilities	25,609	25,382	227	0.9

CUSTOMER FUNDS
Customer funds	356,371	355,628	743	0.2
Demand deposits	333,380	330,323	3,057	0.9
Time deposits	22,991	25,306	(2,315)	(9.1)
Insurance contract liabilities	67,694	67,376	317	0.5
of which: Unit Link and other	19,584	19,366	218	1.1
Reverse repurchase agreements and other	4,205	3,315	890	26.8
On-balance sheet funds	428,269	426,320	1,950	0.5
Mutual funds, managed accounts and SICAVs	100,105	103,632	(3,527)	(3.4)
Pension plans	46,581	47,930	(1,349)	(2.8)
Assets under management	146,687	151,563	(4,876)	(3.2)
Other accounts	8,794	6,411	2,383	37.2
Total customer funds	583,751	584,294	(543)	(0.1)
0	0
ASSET QUALITY	0	0
Non-performing loan ratio (%)	3.6%	3.7%	(0.1)
Non-performing loan coverage ratio (%)	64%	62%	2
ASSET QUALITY
Customers (milion)	18.6	18.8	(0.2)	(1.3)
Customers individuals vinculated (%)	68.6%	67.9%	0.7
Employees	41,994	45,284	(3,290)	(7.3)
Branches	4,485	4,970	(485)	(9.8)
of which Retail	4,213	4,615	(402)	(8.7)
ATMs	12,175	13,008	(833)	(6.4)
(1) In December, CaixaBank acquired Bankia Vida. As a result, the savings insurance marketed by Bankia (previously recognised in Other accounts) is included in Insurance contract liabilities (on-balance sheet) for €4,091 million. Without considering this, the change in the quarter of Insurance contract liabilities was 2.7% of which Unit Link and other was 8.8%. After adjusting this effect, the change in the quarter of Other accounts was -15.5%.

Banking & insur P&L qoq PF


Banking & insurance business - Income statement: Quarterly performance PF
€ million	4Q21	3Q21	2Q21	1Q21
INCOME STATEMENT PROFORMA
Net interest income	1,447	1,484	1,530	1,539
Dividend income and share of profit/(loss) of entities accounted for using the equity method	57	95	63	62
Net fee and commission income	1,017	890	915	877
Trading income	87	39	34	42
Income and expense under insurance or reinsurance contracts	172	162	154	164
Other operating income and expense	(470)	(91)	(242)	(98)
Gross income	2,310	2,579	2,452	2,587
Recurring administrative expenses, depreciation and amortisation	(1,457)	(1,474)	(1,471)	(1,462)
Extraordinary expenses
Pre-impairment income	853	1,105	981	1,125
Pre-impairment income stripping out extraordinary expenses	853	1,105	981	1,125
Allowances for insolvency risk	(309)	(151)	(148)	(312)
Other charges to provisions	(161)	(63)	(75)	(72)
Gains/(losses) on disposal of assets and others	(76)	(12)	(19)	(20)
Profit/(loss) before tax	307	879	740	721
Income tax expense	(84)	(217)	(200)	(200)
Profit/(loss) after tax	223	662	540	521
Profit/(loss) attributable to minority interest and others	2	0	1	0
Profit/(loss) attributable to the Group	221	662	540	522
0	0	0	0
INCOME STATEMENT BREAKDOWN	0	0	0	0
Core Income	2,686	2,624	2,656	2,639
Personnel expenses	(907)	(935)	(927)	(916)
General expenses	(374)	(374)	(384)	(381)
Depreciation and amortisation	(176)	(164)	(160)	(165)
Recurring administrative expenses, depreciation and amortisation	(1,457)	(1,474)	(1,471)	(1,462)
0	0	0	0

Insurance P&L yoy


Insurance activity: Year-on-year performance
VidaCaixa1	Proforma2
1Q22	1Q21	Chg. %	1Q22	1Q21	Chg. %
€ million
Net interest income	93	81	15.3	93	81	15.3
Dividend income and share of profit/(loss) of entities accounted for using the equity method	41	47	(11.1)	42	59	(28.5)
Net fee and commission income	(31)	(23)	34.3	(28)	(9)
Trading income	26	2	26	2
Income and expense under insurance or reinsurance contracts	201	164	22.3	201	164	22.3
Other operating income and expense	(0)	0	(0)	0
Gross income	331	271	22.2	334	296	12.8
Recurring administrative expenses, depreciation and amortisation	(60)	(35)	73.2	(62)	(38)	61.1
Extraordinary expenses	(2)	0	(2)	0
Pre-impairment income	269	236	14.0	271	258	5.0
Pre-impairment income stripping out extraordinary expenses	271	236	14.7	272	258	0
Profit/(loss) before tax	269	236	14.0	271	258	4.9
Income tax expense	(70)	(56)	25.1	(70)	(59)	19.0
Profit/(loss) after tax	200	180	10.6	201	199	0.7
Profit/(loss) attributable to minority interest and others	0	0	0	0	0	0
Profit/(loss) attributable to the Group	200	180	10.6	201	199	0.7
(1) At VidaCaixa level prior to consolidation adjustments. After acquiring control over 100% of Bankia Vida at the end of 2021 and its transfer to VidaCaixa, the results of Bankia are integrated by global consolidation in 2022, mainly impacting the performance of Net interest income, Income and expense under insurance or reinsurance contracts and Recurring administrative expenses, depreciation and amortisation. (2) The proforma performance of the insurance activity includes the following results: VidaCaixa Group and other Bankia insurance investees: Bankia Mediación (100%), SegurBankia (100%) and Sa Nostra Vida (18.7%). In the proforma vision of 2021 the contribution of 49% of Bankia Vida is recognised in Share of profit/(loss) of entities accounted for using the equity method and is integrated by global consolidation in 2022.

BPI


BPI
€ million	2022	2021	Chg. %	1Q22	4Q21	3Q21	2Q21	1Q21
INCOME STATEMENT
Net interest income	112	112	0.6	112	113	111	112	112
Dividend income and share of profit/(loss) of entities accounted for using the equity method	5	6	(9.5)	5	7	5	7	6
Net fee and commission income	71	64	11.8	71	84	74	67	64
Trading income	9	9	(5.1)	9	0	(2)	3	9
Income and expense under insurance or reinsurance contracts	0	0	0	0	0	0	0	0
Other operating income and expense	(19)	(13)	46.3	(19)	4	4	(19)	(13)
Gross income	178	177	0.6	178	209	193	170	177
Recurring administrative expenses, depreciation and amortisation	(114)	(113)	1.5	(114)	(104)	(116)	(110)	(113)
Extraordinary expenses	0	0	0	0	0	0	(1)	0
Pre-impairment income	64	64	(1.2)	64	104	76	59	64
Pre-impairment income stripping out extraordinary expenses	64	64	(1.2)	64	104	76	60	64
Allowances for insolvency risk	34	15	34	(35)	(13)	(7)	15
Other charges to provisions	(0)	(1)	(93.8)	(0)	(21)	(10)	(5)	(1)
Gains/(losses) on disposal of assets and others	0	0	(70.1)	0	(7)	0	0	0
Profit/(loss) before tax	98	79	23.8	98	42	53	47	79
Income tax expense	(29)	(21)	39.9	(29)	(10)	(12)	(10)	(21)
Profit/(loss) after tax	69	58	18.1	69	32	41	36	58
Profit/(loss) attributable to minority interest and others	0	0	0	0	0	0	0	0
Profit/(loss) attributable to the Group	69	58	18.1	69	32	41	36	58
INCOME STATEMENT BREAKDOWN
Core income	189	181	4.2	189	204	191	183	181
Banking services, securities and other fees	41	36	11.5	41	48	43	41	36
Recurring	40	36	11.9	40	48	43	40	36
Wholesale banking	0	1	(16.6)	0	1	0	0	1
Sale of insurance products	14	14	0.6	14	16	13	12	14
Long-term savings products	17	14	23.6	17	20	18	14	14
Mutual funds, managed accounts and SICAVs	10	9	8.2	10	13	12	8	9
Pension plans	0	0	8.8	0	0	0	0	0
Unit Link and other	7	4	56.2	7	6	6	5	4
Net fee and commission income	71	64	11.8	71	84	74	67	64
Personnel expenses	(58)	(59)	(1.9)	(58)	(58)	(61)	(57)	(59)
General expenses	(38)	(36)	5.3	(38)	(27)	(36)	(36)	(36)
Depreciation and amortisation	(18)	(17)	5.3	(18)	(19)	(19)	(18)	(17)
Recurring administrative expenses, depreciation and amortisation	(114)	(113)	1.5	(114)	(104)	(116)	(110)	(113)
Extraordinary expenses	0	0	0	0	0	0	(1)	0
OTHER INDICATORS	0	0	0	0	0	0
ROTE stripping out one-off impacts1	5.7%	6.6%	(0.9)	5.7%	5.4%	7.1%	7.4%	6.6%
Cost-to-income ratio stripping out extraordinary expenses (12 months)	59.5%	60.6%	(1.1)	59.5%	59.3%	59.1%	60.0%	60.6%
BALANCE SHEET
Assets	42,210	38,888	8.5	42,210	41,308	40,174	39,552	38,888
Liabilities	39,484	36,420	8.4	39,484	38,763	37,505	36,905	36,420
Assigned capital	2,726	2,467	10.5	2,726	2,546	2,669	2,647	2,467
(1) The different period's ratios (12 months) exclude the following amounts net of taxes: - Extraordinary expenses. - Release of provisions corresponding to the quarterly recalculation carried out by the passing of time in relation to the expected losses associated with the funds due to credit risk adjustments made at the time BPI was acquired (€18 million and €30 million in the first quarter of 2022 and 2021, respectively). - Deduction of the coupon for the part of the AT1 issue assigned to this business.
€ million	31 Mar. 2022	31 Dec. 2021	Change	Chg. %
BALANCE SHEET
Assets	42,210	41,308	902	2.2
Liabilities	39,484	38,763	722	1.9
Assigned capital	2,726	2,546	180	7.1

LOANS AND ADVANCES TO CUSTOMERS
Loans to individuals	15,248	14,879	369	2.5
Home purchases	13,435	13,083	353	2.7
Other	1,813	1,796	17	0.9
of which: Consumer lending	1,519	1,498	21	1.4
Loans to business	10,867	10,537	329	3.1
Public sector	2,124	2,091	33	1.6
Loans and advances to customers, gross	28,239	27,507	732	2.7
of which: Performing loans	27,603	26,882	721	2.7
of which: Non-performing loans	636	625	11	1.7
Provisions for insolvency risk	(537)	(576)	38	(6.7)
Loans and advances to customers, net	27,701	26,931	770	2.9
Contingent liabilities	1,882	1,828	55	3.0

CUSTOMER FUNDS
Customer funds	29,444	28,641	803	2.8
Demand deposits	20,957	20,126	831	4.1
Time deposits	8,488	8,515	(28)	(0.3)
Reverse repurchase agreements and other	6	7	(1)	(17.8)
On-balance sheet funds	29,450	28,648	802	2.8
Mutual funds, managed accounts and SICAVs	6,136	6,457	(321)	(5.0)
Assets under management	6,136	6,457	(321)	(5.0)
Other accounts	555	572	(17)	(2.9)
Total customer funds	36,142	35,677	464	1.3
Memorandum items
Insurance contracts sold1	4,520	4,588	(68)	(1.5)
ASSET QUALITY
Non-performing loan ratio (%)	2.3%	2.3%	-0
Non-performing loan coverage ratio (%)	79%	87%	(8)
OTHER INDICATORS
Customers	1.8	1.8	(0.0)	(0.1)
Employees	4,486	4,478	8	0.2
Branches	339	347	(8)	(2.3)
of which retail	290	297	(7)	(2.4)
ATMs	1,393	1,418	(25)	(1.8)
(1) The activity indicators (loans and advances and customer funds) are not affected by reconfiguration of the business sectors. (2) Relate to the insurance products of BPI Vida e Pensões, for which VidaCaixa is responsible under the Group's corporate structure. While reported under the banking and insurance business, the policies are marketed by BPI.

Corporate Center P&L yoy


Corporate centre - Income statement: Year-on-year performance
Proforma
€ million	!Q22	1Q21	Chg. %	1Q21	Chg. %
Net interest income	2	(12)	(12)
Dividend income	0	0	0	0	0
Share of profit/(loss) of entities accounted for using the equity method	2	21	(91.3)	21	(91.1)
Net fee and commission income	0	0	0	0	0
Trading income	16	1	1
Income and expense under insurance or reinsurance contracts	0	0	0	0	0
Other operating income and expense	0	0	0	0	0
Gross income	19	10	87.5	10	97.9
Recurring administrative expenses, depreciation and amortisation	(15)	(13)	16.6	(18)	(16.2)
Extraordinary expenses	0	0	0	0	0
Pre-impairment income	4	(3)	(8)
Pre-impairment income stripping out extraordinary expenses	4	(3)	(8)
Allowances for insolvency risk	0	0	0	0	0
Other charges to provisions	0	0	0	0	0
Gains/(losses) on disposal of assets and others	0	0	0	0	0
Profit/(loss) before tax	4	(3)	(8)
Income tax expense	(1)	7	8
Profit/(loss) after tax	3	4	(20.4)	0
Profit/(loss) attributable to minority interest and others	0	0	0	0	0
Profit/(loss) attributable to the Group	3	4	(20.4)	0
(1) The ROTE for 2021 excludes the gains on the sale of the stake held in Erste Group Bank (€+54 million) and for 2020 the provision established for this investee for €-311 million, net. The coupon for the part of the AT1 issue assigned to this business has also been deducted.

Corporate Center BS


Corporate centre - Balance sheet
€ million	31 Mar. 2022	31 Dec. 2021	Variación	Chg. %
BALANCE SHEET
Assets	7,369	6,305	1,064	16.9
Investments (Financial assets at fair value with changes in OCI and Investments in JVs and associates) and other1	2,352	2,176	176	8.1
Cash, cash balances at central banks and other demand deposits	5,016	4,129	887	21.5
Liabilities
Intra-group financing and other liabilities	1,820	1,678	142	8.4
Assigned capital	5,549	4,627	922	19.9
of which: associated with investees	533	498	35	7.0
(1) The figures at the end of 31 December 2020 do not include the investment in Gramina Homes, incorporated in the merger. (2) The capital assigned to BFA and BCI is the amount required at sub-consolidated level for BPI for those interests.

Corporate Center P&L qoq PF


Corporate centre - Income statement: Quarterly performance PF
€ million	4Q21	3Q21	2Q21	1Q21	1Q21 Proforma1
INCOME STATEMENT
Net interest income	(1)	(6)	(6)	(12)	(12)
Dividend income	38	0	149	0	0
Share of profit/(loss) of entities accounted for using the equity method	6	49	62	21	21
Net fee and commission income	0	0	0	0	0
Trading income	2	12	1	1	1
Income and expense under insurance or reinsurance contracts	0	0	0	0	0
Other operating income and expense	0	0	(8)	0	0
Gross income	45	56	198	10	10
Recurring administrative expenses, depreciation and amortisation	(16)	(16)	(17)	(13)	(18)
Extraordinary expenses	0	0	0	0	0
Pre-impairment income	30	39	181	(3)	(8)
Pre-impairment income stripping out extraordinary expenses	30	39	181	(3)	(8)
Allowances for insolvency risk	0	0	0	0	0
Other charges to provisions	0	0	0	0	0
Gains/(losses) on disposal of assets and others1	51	0	0	0	0
Profit/(loss) before tax	81	39	181	(3)	(8)
Income tax expense	4	3	6	7	8
Profit/(loss) after tax	84	42	187	4	0
Profit/(loss) attributable to minority interest and others	0	0	0	0	0
Profit/(loss) attributable to the Group	84	42	187	4	0
BALANCE SHEET
Assets	6,305	7,202	6,493	8,531	8,531
Liabilities	1,678	2,912	2,823	2,938	2,938
Assigned capital	4,627	4,290	3,670	5,594	5,594
0	0	0	0	0

Disclaimer

This document is intended exclusively for information purposes and does not aim to provide financial advice or constitutes in any way an offer to sell, exchange, or acquire, or an invitation to acquire any type of security or any financial service or product of CaixaBank, S.A. (hereinafter, "CaixaBank" or the "Company" indistinctly) or of any other company mentioned herein. Anyone who purchases a security at any time must do so solely on the basis of their own judgement and/or the suitability of the security for their own purposes, and exclusively on the basis of the public information set out in the documentation drawn up and registered by the issuer in the context of the specific security issue or offer, having availed themselves of the corresponding professional advice if they consider this necessary or appropriate in accordance with the circumstances, and not on the basis of the information set out in this document.

This document may contain statements relating to projections or estimates in respect of future business or returns, particularly in relation to information regarding investments and investees, prepared primarily on the basis of estimates made by the Company. While these projections and estimates reflect the Company's current opinion or view of future business prospects, certain risks, uncertainties and other relevant factors may cause the actual results or outcome to be substantially different to what the Company currently expects. These variables include market conditions, macroeconomic matters, regulatory and government requirements, fluctuations in national or international stock markets or in interest and exchange rates, changes in the financial position or our customers, debtors or counterparties, and so forth. These risk factors, together with any others mentioned in past or future reports, could adversely affect our business and the levels of performance and results described. Other unknown or unforeseeable factors, or in which there is a degree of uncertainty about their performance and/or potential impact, could also make the results or outcome differ significantly from those described in our projections and estimates.

Past financial statements and previous growth rates are no guarantee of the future performance, results or price of shares (including earnings per share). Nothing contained in this document should be construed as constituting a forecast of future results or profit. Furthermore, this document was drawn up on the basis of the accounting records held by CaixaBank and the other Group companies, and includes certain adjustments and reclassifications to apply the principles and criteria operated by the Group companies on a consistent basis with those of CaixaBank, such as in the specific case of Banco Portugués de Investimento (BPI). Therefore, certain aspects of the information provided herein may not match the financial information reported by this bank. With regard to the historical information of Bankia, S.A. and its group (hereinafter, jointly "Bankia") and that related to the performance of Bankia presented in this document, it should be considered that it has been subject to certain adjustments and reclassifications for the purpose of adapting it to the CaixaBank Group's presentation criteria. In addition, with the aim of showing the recurring performance of the results of the new company arising from the merger, a proforma income statement for 2021 has been drawn up by adding the result of Bankia in the first quarter of 2021. The extraordinary impacts associated with the integration of Bankia have been reported separately from the results.

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This report contains a number of the Alternative Performance Measures (APMs) set out in the Guidelines on Alternative Performance Measures published by the European Securities and Markets Authority on 30 June 2015 (ESMA/2015/1057) ("the ESMA Guidelines") so as to provide a clearer picture of the company's financial performance and situation. Please be advised that these APMs have not been audited. These measures constitute additional information and should be treated accordingly. In no event are they intended to replace the financial information drawn up in accordance with International Financial Reporting Standards (IFRS). Moreover, the way the Group defines and calculates these measures may differ to the way similar measures are calculated by other companies. As such, they may not be comparable. Please consult the report's section that includes the details of the APMs used. The report also provides a reconciliation between certain management indicators and the indicators presented in the consolidated financial statements prepared under IFRS.

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CaixaBank SA published this content on 29 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2022 07:43:04 UTC.