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CaixaBank 1Q 2023 results: excel file

INDEX

CaixaBank Group 4Q22
INDEX
1 Key Figures
2 P&L yoy
3 Core income yoy
4 P&L qoq
5 Core income qoq Institutional Investors & Analysts
6 Retuon average total assets [email protected]
7 Yields and Costs +34 93 404 30 32
8 Fees
9 Income from investments
10 Trading income
11 Insurance service result
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 Solvency
24 Segment P&L
25 Banking & insur P&L yoy
26 Banking & insur BS
27 Insurance P&L yoy
28 BPI
29 Corporate Center P&L yoy
30 Corporate Center BS
Notes
Disclaimer

mailto:[email protected]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
€ million / % January - March Change
2023 2022
PROFIT/(LOSS)1
Net interest income 2,163 1,455 48.6 %
Net fee and commission income 937 936 0.1 %
Core income 3,449 2,646 30.4 %
Gross income 3,101 2,658 16.7 %
Recurring administrative expenses, depreciation and amortisation (1,440) (1,406) 2.4 %
Pre-impairment income 1,659 1,244 33.4 %
Pre-impairment income stripping out extraordinary expenses 1,662 1,252 32.8 %
Profit/(loss) attributable to the Group 855 706 21.1 %
MAIN RATIOS (Last 12 months)
Cost-to-income ratio1 48.6% 76.4% (27.8)
Cost-to-income ratio stripping out extraordinary expenses1 48.2% 57.4% (9.2)
Cost of risk (last 12 months) 0.26% 0.23% 0.03
ROE1 8.9% 6.5% 2.4
ROTE1 10.5% 7.6% 2.9
ROA1 0.4% 0.3% 0.1
RORWA1 1.4% 1.0% 0.4
March December Change
2023 2022
BALANCE SHEET
Total assets1 618,708 598,850 3.3 %
Equity1 33,034 33,708 (2.0)%
BUSINESS ACTIVITY
Customer funds1 614,608 611,300 0.5 %
Loans and advances to customers, gross 361,077 361,323 (0.1)%
RISK MANAGEMENT
Non-performing loans (NPL) 10,447 10,690 (243)
Non-performing loan ratio 2.7% 2.7 % 0.0
Provisions for insolvency risk 7,921 7,867 53
NPL coverage ratio 76% 74 % 2
Net foreclosed available for sale real estate assets 1,826 1,893 (67)
LIQUIDITY
Total Liquid Assets 132,867 139,010 (6,144)
Liquidity Coverage Ratio (last 12 months) 192% 194% (2)
Net Stable Funding Ratio (NSFR) 139% 142% (3)
Loan to deposits 92% 91% 1
CAPITAL ADEQUACY
Common Equity Tier 1 (CET1) 12.6% 12.8% (0.2)
Tier 1 15.0% 14.8% 0.2
Total capital 17.8% 17.3% 0.5
MREL 26.2% 25.9% 0.3
Risk-Weighted Assets (RWAs) 215,133 215,103 30
Leverage ratio 5.6% 5.6% -
SHARE INFORMATION
Share price (€/share) 3.584 3.672 (0.088)
Market capitalisation 26,862 27,520 (657)
Book value per share1 (€/share) 4.40 4.49 (0.09)
Tangible book value per share1 (€/share) 3.69 3.77 (0.08)
Net income attributable per share1 (€/share) (12 months) 0.43 0.40 0.03
PER1 (Price/Profit; times) 8.41 9.18 (0.77)
Tangible PBV1 (Market value/ book value of tangible assets) 0.97 0.97 0.00
OTHER DATA (units)
Employees 44,654 44,625 29
Branches2 4,263 4,404 (141)
of which: retail branches in Spain 3,684 3,818 (134)
ATMs 12,780 12,947 (167)
(1) The financial information published for 2022 has been restated in accordance with IFRS 17 / IFRS 9. The ratios (12 months) prior to 4Q22 are those reported in accordance with IFRS 4, as there is no historical data available for restatement. (2) Does not include branches outside Spain and Portugal or representative offices.

P&L acc

Income statement: Year-on-year performance
1Q23 1Q22 Chg. %
€ million
Net interest income 2,163 1,455 48.6 %
Dividend income 68 1
Share of profit/(loss) of entities accounted for using the equity method 79 51 54.9 %
Net fee and commission income 937 936 0.1 %
Trading income 82 142 (42.7)%
Insurance service result 263 213 23.6 %
Other operating income and expense (491) (141)
Gross income 3,101 2,658 16.7 %
Recurring administrative expenses, depreciation and amortisation (1,440) (1,406) 2.4 %
Extraordinary expenses (2) (8) (68.0)%
Pre-impairment income 1,659 1,244 33.4 %
Pre-impairment income stripping out extraordinary expenses 1,662 1,252 32.8 %
Allowances for insolvency risk (255) (228) 11.9 %
Other charges to provisions (25) (45) (44.2)%
Gains/(losses) on disposal of assets and others (20) (9)
Profit/(loss) before tax 1,359 961 41.3 %
Income tax expense (504) (255) 97.9 %
Profit/(loss) after tax 855 707 21.0 %
Profit/(loss) attributable to minority interest and others (0) 1
Profit/(loss) attributable to the Group 855 706 21.1 %
(1) Corresponds to the income statement of 2022 restated following the entry into force of IFRS 17 and IFRS 9. See section 'IFRS 17 / IFRS 9 Restatement'.

Core income yoy

Core income: Year-on-year performance
Core income 1Q23 1Q22 Chg.%
Net interest income 2,163 1,455 48.6
Income from Bancassurance equity investments 85 42
Net fee and commission income 937 936 0.1
Insurance service result 263 213 23.6
Total core income 3,449 2,646 30.4
The financial information published for 2022 has been restated in accordance with IFRS 17 / IFRS 9.

P&L qoq

Income statement: Quarter-on-quarter performance
1Q23 4Q22 Chg. %
€ million
Net interest income 2,163 1,961 10.4
Dividend income 68 32
Share of profit/(loss) of entities accounted for using the equity method 79 30
Net fee and commission income 937 959 (2.2)
Trading income 82 11
Insurance service result 263 287 (8.3)
Other operating income and expense (491) (477) 2.9
Gross income 3,101 2,801 10.7
Recurring administrative expenses, depreciation and amortisation (1,440) (1,376) 4.6
Extraordinary expenses (2) (15) (83.9)
Pre-impairment income 1,659 1,410 17.7
Pre-impairment income stripping out extraordinary expenses 1,662 1,425 16.6
Allowances for insolvency risk (255) (434) (41.2)
Other charges to provisions (25) (6)
Gains/(losses) on disposal of assets and others (20) (32) (36.3)
Profit/(loss) before tax 1,359 938 44.9
Income tax expense (504) (278) 81.3
Profit/(loss) after tax 855 660 29.5
Profit/(loss) attributable to minority interest and others (0) 1
Comparative proforma Profit/(loss) 855 659 29.7

Core income qoq

Core income: Quarter-on-quarter performance
Core income 1Q23 4Q22 Chg.%
Net interest income 2,163 1,961 10.4
Income from Bancassurance equity investments 85 9
Net fee and commission income 937 959 (2.2)
Insurance service result 263 287 (8.3)
Total core income 3,449 3,215 7.3
The financial information published for 2022 has been restated in accordance with IFRS 17 / IFRS 9.

Retuon Average total assets

Returns on average total assets1
1Q23 4Q22 1Q22
In %
Interest income 2.37% 1.67% 1.16%
Interest expense -0.95% -0.54% -0.33%
Net interest income 1.42% 1.13% 0.83%
Dividend income 0.04% 0.02%
Share of profit/(loss) of entities accounted for using the equity method 0.05% 0.02% 0.03%
Net fee and commission income 0.62% 0.55% 0.53%
Trading income 0.05% 0.01% 0.08%
Insurance service result 0.17% 0.17% 0.12%
Other operating income and expense -0.32% -0.28% -0.08%
Gross income 2.04% 1.62% 1.51%
Recurring administrative expenses, depreciation and amortisation -0.95% -0.80% -0.80%
Extraordinary expenses -0.01%
Pre-impairment income 1.09% 0.81% 0.71%
Allowances for insolvency risk -0.17% -0.25% -0.13%
Other charges to provisions -0.02% -0.03%
Gains/(losses) on disposal of assets and others -0.01% -0.02% -0.01%
Profit/(loss) before tax 0.89% 0.54% 0.55%
Income tax expense -0.33% -0.16% -0.14%
Profit/(loss) after tax 0.56% 0.38% 0.40%
Profit/(loss) attributable to minority interest and others
Profit/(loss) attributable to the Group 0.56% 0.38% 0.40%
Average total net assets (€ million) 616,023 686,491 712,980
(1) Annualised quarterly income/cost to average total assets in the quarter.

Yields and Costs

x
Quarterly cost and income1
1Q23 4Q22 1Q22
€ million Average balance Income or expense Rate % Average balance Income or expense Rate % Average balance Income or expense Rate %
Financial Institutions 44,740 295 2.68 109,694 318 1.15 136,446 278 0.83
Loans and advances (a) 338,447 2,650 3.18 340,765 2,013 2.34 329,860 1,306 1.61
Debt securities 90,225 220 0.99 92,004 179 0.77 87,510 59 0.28
Other assets with returns 57,929 383 2.68 56,321 345 2.43 67,709 376 2.25
Other assets 84,682 59 - 87,707 42 - 91,455 16 -
Total average assets (b) 616,023 3,607 2.37 686,491 2,897 1.67 712,980 2,035 1.16
Financial Institutions 52,166 (369) 2.87 116,363 (218) 0.74 125,900 (168) 0.54
Retail customer funds (c) 378,532 (299) 0.32 384,810 (152) 0.16 382,277 16 (0.02)
Wholesale marketable debt securities & other 45,851 (338) 2.99 47,045 (191) 1.61 47,624 (27) 0.23
Subordinated liabilities 9,798 (53) 2.19 8,796 (25) 1.15 9,936 (5) 0.21
Other funds with cost 73,004 (374) 2.08 70,981 (340) 1.90 81,486 (375) 1.87
Other funds 56,672 (11) - 58,496 (10) - 65,757 (20) -
Total average funds (d) 616,023 (1,444) 0.95 686,491 (936) 0.54 712,980 (580) 0.33
Net interest income 2,163 1,961 1,455
Customer spread (%) (a-c) 2.86 2.18 1.63
Balance sheet spread (%) (b-d) 1.42 1.13 0.83
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 in 2022 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. In accordance with IFRS 17, it continues to include the income from financial assets under the insurance business, and an expense for interest that includes the capitalisation of the new insurance liabilities is recognised at a very similar interest rate as the rate of retuof asset acquisition. The difference between this income and the expense included in net interest income is not significant. The margin on savings insurance contracts will now be recognised under the heading "Insurance service result". > 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
1Q23 1Q22 Chg.% 1Q23 4Q22 3Q22 2Q22 1Q22
€ million
Banking services, securities and other fees 555 527 5.3 555 571 570 601 527
Recurring 470 474 (1.0) 470 496 516 533 474
Wholesale banking 85 52 62.3 85 75 54 68 52
Sale of insurance products 104 108 (3.6) 104 94 100 101 108
Assets under management 279 301 (7.5) 279 293 299 289 301
Mutual funds, managed accounts and SICAVs 199 216 (7.8) 199 204 214 206 216
Pension plans and other1 79 85 (6.6) 79 89 85 83 85
Net fee and commission income 937 936 0.1 937 959 968 991 936
(1) Other mainly corresponds to fee and commission income from Unit Link of BPI Vida e Pensoes, which given their low risk component are governed by IFRS 9 and have not been reclassified to Insurance service result (€7 million in 1Q23).

Income from investments

Income from equity instruments
1Q23 1Q22 Chg.% 1Q23 4Q22 3Q22 2Q22 1Q22
€ million
Dividend income 68 1 68 32 0 130 1
Share of profit/(loss) of entities accounted for using the equity method 79 51 54.9 79 30 74 66 51
Income from equity investments 147 52 147 62 75 197 52

Trading income

Trading income
1Q23 1Q22 Chg.% 1Q23 4Q22 3Q22 2Q22 1Q22
€ million
Trading income 82 142 (42.7) 82 11 74 102 142

Insurance service result

Insurance service result
1Q23 1Q22 Chg.% 1Q23 4Q22 3Q22 2Q22 1Q22
€ million
Life risk business 163 131 24.7 163 173 152 145 131
Savings business 81 61 33.0 81 78 62 62 61
Unit linked business 18 20 (8.4) 18 36 21 21 20
Insurance service result 263 213 23.6 263 287 235 227 213

Other operating income&exp.

Other operating income and expense
1Q23 1Q22 Chg.% 1Q23 4Q22 3Q22 2Q22 1Q22
€ million
Contributions and levies (395) (21) (395) (407) (159) (21)
Other real estate operating income and expense (including Spanish property tax in Q1) (32) (38) (16.6) (32) (1) (8) (23) (38)
Other (63) (81) (22.0) (63) (70) (81) (74) (81)
Other operating income and expense (491) (141) (491) (477) (89) (256) (141)
(1) Including BPI's contribution to the Portuguese Resolution Fund of €9 million in 2022.

Operating expenses

Administrative expenses, depreciation and amortisation
1Q23 1Q22 Chg.% 1Q23 4Q22 3Q22 2Q22 1Q22
€ million
Gross income 3,101 2,658 16.7 3,101 2,801 2,855 2,779 2,658
Personnel expenses (868) (865) 0.4 (868) (836) (830) (828) (865)
General expenses (386) (364) 6.0 (386) (352) (363) (356) (364)
Depreciation and amortisation (186) (177) 4.7 (186) (188) (186) (179) (177)
Recurring administrative expenses, depreciation and amortisation (1,440) (1,406) 2.4 (1,440) (1,376) (1,379) (1,363) (1,406)
Extraordinary expenses (2) (8) (68.0) (2) (15) (11) (16) (8)
0 0 0 0 0 0 0 0

Impairment losses

Impairment losses
1Q23 1Q22 Chg.% 1Q23 4Q22 3Q22 2Q22 1Q22
€ million
Allowances for insolvency risk (255) (228) 11.9 (255) (434) (172) (147) (228)
Other charges to provisions (25) (45) (44.2) (25) (6) (34) (44) (45)
Allowances for insolvency risk and other charges to provisions (281) (273) 2.6 (281) (441) (206) (192) (273)
(1) €16 million, €23 million, €17 million and €7 million in the first, second, third and fourth quarter of 2022, respectively.

G_L disposal of assets

Gains/(losses) on disposal of assets and others
1Q23 1Q22 Chg.% 1Q23 4Q22 3Q22 2Q22 1Q22
€ million
Real estate results (1) 8 0.0 (1) 31 5 10 8
Other (20) (18) 11.0 (20) (63) (24) (37) (18)
Gains/(losses) on disposal of assets and others (20) (9) (20) (32) (20) (26) (9)
0 0 0 0 0 0

Balance sheet

x
Balance sheet
31 Mar. 2023 31 Dec.2022 Change Chrg.%
€ million
- Cash and cash balances at central banks and other demand deposits 35,872 20,522 15,350 74.8
- Financial assets held for trading 7,647 7,382 265 3.6
- Financial assets not designated for trading compulsorily measured at fair value through profit or loss 12,160 11,351 809 7.1
Equity instruments 12,104 11,295 809 7.2
Debt securities 6 6 -0 (0.3)
Loans and advances 50 50 -0 (0.0)
-Financial assets designated at fair value through profit or loss 7,910 8,022 -112 (1.4)
-Financial assets at fair value with changes in other comprehensive income 66,755 64,532 2,223 3.4
- Financial assets at amortised cost 449,334 446,168 3,166 0.7
Credit institutions 12,893 12,397 496 4.0
Customers 352,267 352,834 -567 (0.2)
Debt securities 84,174 80,937 3,237 4.0
- Derivatives - Hedge accounting 1,223 1,462 -238 (16.3)
- Investments in joint ventures and associates 2,047 2,054 -6 (0.3)
- Assets under reinsurance contracts 71 63 8 12.6
- Tangible assets 7,528 7,516 12 0.2
- Intangible assets 4,996 5,024 -28 (0.6)
- Non-current assets and disposal groups classified as held for sale 2,372 2,426 -54 (2.2)
- Other assets 20,791 22,328 -1,536 (6.9)
Total assets 618,708 598,850 19,858 3.3
Liabilities 585,674 565,142 20,531 3.6
- Financial liabilities held for trading 3,955 4,030 -75 (1.9)
- Financial liabilities designated at fair value through profit or loss 3,409 3,409
- Financial liabilities at amortised cost 500,629 483,047 17,582 3.6
Deposits from central banks and credit institutions 51,548 28,810 22,738 78.9
Customer deposits 388,356 393,634 -5,278 (1.3)
Debt securities issued 51,059 52,608 -1,549 (2.9)
Other financial liabilities 9,666 7,995 1,671 20.9
- Insurance contract liabilities 65,369 62,595 2,774 4.4
- Provisions 5,024 5,231 -206 (3.9)
- Other liabilities 7,288 6,831 457 6.7
Equity 33,034 33,708 -674 (2.0)
- Shareholders' equity 34,965 35,908 -944 (2.6)
- Minority interest 33 32 1 4.1
- Accumulated other comprehensive income (1,964) (2,232) 268 (12.0)
Total liabilities and equity 618,708 598,850 19,858 3.3
(1) Opening balance sheet at 1 January 2023 presented for comparative purposes following the application of IFRS 17 / IFRS 9. See section 'IFRS 17 / IFRS 9 Restatement'. (2) Includes the recognition, reducing shareholders' equity, of the dividend corresponding to 2022 approved by the Annual General Meeting held on 31 March 2023.

Customer Loans

Breakdown of loans and advances to customers
31 Mar. 2023 31 Dec. 2022 Change Chg. %
€ million
Loans to individuals 180,076 182,783 (2,707) (1.5)
Home purchases 136,981 139,045 (2,064) (1.5)
Other 43,095 43,738 (643) (1.5)
of which: Consumer lending 19,397 19,312 85 0.4
Loans to business 159,538 157,780 1,758 1.1
Public sector 21,463 20,760 703 3.4
Loans and advances to customers, gross1 361,077 361,323 (246) (0.1)
Of which: 0.0
Performing loans 351,215 351,225 (10)
Provisions for insolvency risk (7,437) (7,408) (29) 0.4
Loans and advances to customers, net 353,641 353,915 (275) (0.1)
Contingent liabilities 29,112 29,876 (764) (2.6)
(1) See 'Reconciliation of activity indicators using management criteria' in the 'Appendices'.

ICOs

Breakdown of government guaranteed loans
31 Mar. 2023 31 Dec. 2022
Amounts drawn, in € million Total Spain (ICO) Total Spain (ICO)
Loans to individuals 1,027 987 0 1,121 1,072
Loans to business 16,204 14,985 0 17,140 15,730
Public sector 6 6 0 7 7
Loans and advances to customers, gross1 17,237 15,978 0 18,268 16,809
(1) Refers to the amount of loans and advances disposed by clients.

Customer Funds

Customer funds
31 Mar. 2023 31 Dec. 2022 Change Chg.%
€ million
Customer funds 380,761 386,017 (5,257) (1.4)
Demand deposits 349,622 359,896 (10,274) (2.9)
Time deposits1 31,138 26,122 5,017 19.2
Insurance contract liabilities2 71,059 68,986 2,073 3.0
of which: Unit Linked and other3 19,033 18,310 723 3.9
Reverse repurchase agreements and others 1,549 2,631 (1,082) (41.1)
On-balance sheet funds 453,368 457,634 (4,266) (0.9)
Mutual funds, managed accounts and SICAVs 109,812 104,626 5,186 5.0
Pension plans 44,195 43,312 883 2.0
Assets under management 154,007 147,938 6,069 4.1
Other accounts 7,233 5,728 1,505 26.3
Total customer funds4 614,608 611,300 3,308 0.5
(1) Includes retail debt securities amounting to €1,301 million at 31 March 2023 (€1,309 million at 31 December 2022). (2) Excluding the financial component's correction as a result of updating the liabilities in accordance with IFRS 17, with the exception of Unit Link and Flexible Investment Life Annuity products (the part managed). The figure of December 2022 has been restated to €+1,519 million following the entry into force of IFRS 17. (3) Includes the financial component's correction as a result of updating the liabilities in accordance with IFRS 17, corresponding to Unit Link and Flexible Investment Life Annuity products (the part managed). (4) As of 2023, Alternative investments are included in Mutual funds, managed accounts and SICAVs (previously recognised in Other accounts). Therefore, the figure of both headings published for December 2022 have been restated with €2,458 million for comparative purposes. Furthermore the figure of Mutual funds for December 2022 has been restated and increased by €649 million to include certain funds managed by third-party management firms. (5) See 'Reconciliation of activity indicators using management criteria' in the 'Appendices'.

Credit risk quality

NPL ratio by segment
31 Dec. 2022 31 Mar.2023
Loans to individuals 3.0% 2.9%
Home purchases 2.4% 2.3%
Other 4.9% 4.8%
of which: Consumer lending 3.5% 3.6%
Loans to business 2.9% 2.9%
Public sector 0.1% 0.1%
NPL Ratio (loans and contingent liabilities) 2.7% 2.7%
Changes in non-performing loans
1Q22 2Q22 3Q22 4Q22 1Q23
€ million
Opening balance 13,634 13,361 12,424 11,643 10,690
Exposures recognized as non-performing (NPL-inflows) 1,133 1,619 1,160 1,354 1,217
Derecognitions from non-performing exposures (1,406) (2,556) (1,941) (2,307) (1,461)
of which: written off (170) (199) (266) (175) (166)
Closing balance 13,361 12,424 11,643 10,690 10,447
Changes in provisions for insolvency risk1
1Q22 2Q22 3Q22 4Q22 1Q23
€ million
Opening balance 8,625 8,648 8,126 7,867 7,867
Allowances for insolvency risk 228 147 172 434 255
Amounts used (200) (661) (428) (427) (195)
Transfers and other changes (5) (8) (4) (7) (7)
Closing balance 8,648 8,126 7,867 7,867 7,921
(1) Including loans and contingent liabilities.
Refinancing
31 Dec.2022 31 Mar. 2023
€ million Total of which: NPL Total of which: NPL
Individuals 4,523 2,736 4,518 2,531
Corporates and SMEs 6,164 2,664 5,855 2,574
Public sector 160 9 150 7
Total 10,848 5,408 10,523 5,112
Provisions 2,566 2,240 2,508 2,250

IFRS9 Stages

IFRS9 Stages
31 Mar. 2023 Loan book exposure Provisions
€ million Stage 1 Stage 2 Stage 3 TOTAL Stage 1 Stage 2 Stage 3 TOTAL
Loans and advances 322,392 28,822 9,863 361,077 (1,301) (1,266) (4,870) (7,437)
Contingent liabilities 26,796 1,732 584 29,112 (25) (79) (380) (484)
Total loans and contingent liabilities 349,188 30,555 10,447 390,190 (1,325) (1,345) (5,251) (7,921)
31 Dec. 2022 Loan book exposure Provisions
€ million Stage 1 Stage 2 Stage 3 TOTAL Stage 1 Stage 2 Stage 3 TOTAL
Loans and advances 322,610 28,615 10,098 361,323 (1,346) (1,370) (4,692) (7,408)
Contingent liabilities 27,283 2,001 592 29,876 (38) (58) (363) (459)
Total loans and contingent liabilities 349,893 30,616 10,690 391,199 (1,383) (1,429) (5,055) (7,867)

Financing home purchasing LtV

Loan-to-value breakdown1
31 Mar. 2023
€ million LTV ≤ 40% 40% <>LTV ≤ 60% 60% <>LTV ≤ 80% LTV > 80% TOTAL
Gross amount 42,023 43,751 35,023 15,106 135,903
of which: Non-performing 402 588 629 1,517 3,135
31 Dec. 2022
€ million LTV ≤ 40% 40% <>LTV ≤ 60% 60% <>LTV ≤ 80% LTV > 80% TOTAL
Gross amount 42,023 43,751 35,023 15,106 135,903
of which: Non-performing 402 588 629 1,517 3,135
(1) Loan-to-value calculated on the basis of latest appraisals according to the criteria set out in Circular 4/2016.

Solvency

Performance and key capital adequacy indicators
€ million 31 Mar. 2022 30 Jun. 2022 30 Sept. 2022 31 Dec. 2022 31 Mar. 2023 Quarter-on-quarter
CET1 Instruments 35,011 33,377 33,210 33,462 33,154 (308)
Shareholders' equity 37,641 36,608 36,680 36,639 34,965 (1,674)
Capital 8,061 8,061 8,061 7,502 7,502 0
Profit/(loss) attributable to the Group 707 1,573 2,457 3,145 855 (2,290)
Reserves and other 28,874 26,974 26,163 25,992 26,607 615
Other CET1 instruments1 (2,630) (3,231) (3,471) (3,178) (1,810) 1,368
Deductions from CET1 (6,305) (6,559) (6,537) (5,968) (5,965) 3
CET1 28,707 26,818 26,673 27,494 27,189 (305)
AT1 instruments 4,985 4,236 4,237 4,238 4,985 747
AT1 Deductions 0 0 0 0
TIER 1 33,692 31,054 30,910 31,732 32,174 442
T2 instruments 4,677 4,694 4,704 5,575 6,142 567
T2 Deductions 0 0 0 0
TIER 2 4,677 4,694 4,704 5,575 6,142 567
TOTAL CAPITAL 38,369 35,748 35,614 37,307 38,315 1,008
Other computable subordinated instruments. MREL 9,375 10,979 11,038 11,048 11,200 152
MREL, subordinated 47,744 46,727 46,652 48,355 49,515 1,160
Other computable instruments. MREL 7,380 6,383 7,451 7,448 6,951 (497)
MREL 55,124 53,110 54,103 55,803 56,466 663
Risk-weighted assets 214,249 215,515 215,499 215,103 215,133 30
CET1 Ratio 13.4 % 12.4 % 12.4 % 12.8 % 12.6 % (0.2)%
Tier 1 Ratio 15.7 % 14.4 % 14.3 % 14.8 % 15.0 % 0.2 %
Total Capital Ratio 17.9 % 16.6 % 16.5 % 17.3 % 17.8 % 0.5 %
MDA Buffer2 10,902 8,735 8,601 9,565 8,950 -615
MREL Ratio, subordinated 22.3 % 21.7 % 21.6 % 22.5 % 23.0 % 0.5 %
MREL Ratio3 25.7 % 24.6 % 25.1 % 25.9 % 26.2 % 0.3 %
Leverage ratio 5.2 % 4.6 % 4.8 % 5.6 % 5.6 %
CET1 Ratio - CABK (non-consolidated basis) 14.1 % 13.0 % 12.7 % 12.9 % 12.8 %
Tier 1 Ratio CABK (non-consolidated basis) 16.6 % 15.1 % 14.8 % 15.0 % 15.3 % 0.3 %
Total Capital Ratio - CABK (non-consolidated basis) 19.0 % 17.4 % 17.2 % 17.8 % 18.3 % 0.5 %
Risk-weighted assets (non-consolidated basis) 197,049 199,042 198,756 199,250 200,539 1,289
Profit/loss (non-consolidated basis) 790 1,416 1,982 2,413 1,077 (1,336)
ADIs3 7,707 7,076 7,581 7,621 7,019 (602)
MDA Buffer- CABK (non-consolidated basis)2 13,976 11,828 11,269 11,656 11,523 (133)
Leverage Ratio - CABK (non-consolidated basis) 5.4 % 4.7 % 4.8 % 5.7 % 5.6 %
0 0 0 0 0
Data at December 2022 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) Does not include the issue premium.

Segment P&L PF

CaixaBank Group income statement, by business segment
€ million Banking and insurance BPI Corporate Center Group
Net interest income 1,956 203 4 2,163
Dividend income and share of profit/(loss) of entities accounted for using the equity method 94 5 48 147
Net fee and commission income 864 73 937
Trading income 75 7 (1) 82
Insurance service result 263 0 263
Other operating income and expense (465) (26) 0 (491)
Gross income 2,787 262 52 3,101
Recurring administrative expenses, depreciation and amortisation (1,298) (126) (15) (1,440)
Extraordinary expenses (2) (2)
Pre-impairment income 1,487 136 36 1,659
Pre-impairment income stripping out extraordinary expenses 1,490 136 36 1,662
Allowances for insolvency risk (233) (22) (255)
Other charges to provisions (24) (1) (25)
Gains/(losses) on disposal of assets and others (19) (1) (20)
Profit/(loss) before tax 1,211 111 36 1,359
Income tax expense (466) (39) 2 (504)
Profit/(loss) after tax 745 72 38 855
Profit/(loss) attributable to minority interest and others (0) 0 (0)
Profit/(loss) attributable to the Group 745 72 38 855

Banking & insur P&L yoy

Banking & insurance business - Income statement: Year-on-year performance
€ million 1Q23 1Q22 Chg.% 1Q23 4Q22 3Q22 2Q22 1Q22
INCOME STATEMENT
Net interest income 1,956 1,342 45.8 1,956 1,786 1,460 1,398 1,342
Dividend income and share of profit/(loss) of entities accounted for using the equity method 94 44 0.0 94 7 65 50 44
Net fee and commission income 864 865 (0.1) 864 882 894 918 865
Trading income 75 118 (36.2) 75 23 59 89 118
Insurance service result 263 213 23.6 263 287 235 227 213
Other operating income and expense (465) (121) 0.0 (465) (480) (89) (227) (121)
Gross income 2,787 2,460 13.3 2,787 2,504 2,624 2,455 2,460
Recurring administrative expenses, depreciation and amortisation (1,298) (1,277) 1.6 (1,298) (1,248) (1,247) (1,238) (1,277)
Extraordinary expenses (2) (8) (68.0) (2) (15) (11) (16) (8)
Pre-impairment income 1,487 1,176 26.4 1,487 1,241 1,365 1,202 1,176
Pre-impairment income stripping out extraordinary expenses 1,490 1,184 25.8 1,490 1,256 1,376 1,217 1,184
Allowances for insolvency risk (233) (262) (11.2) (233) (406) (166) (141) (262)
Other charges to provisions (24) (45) (46.6) (24) 19 (28) (44) (45)
Gains/(losses) on disposal of assets and others (19) (9) (19) (13) (19) (27) (9)
Profit/(loss) before tax 1,211 859 40.9 1,211 841 1,151 989 859
Income tax expense (466) (225) (466) (262) (342) (273) (225)
Profit/(loss) after tax 745 635 17.4 745 580 809 716 635
Profit/(loss) attributable to minority interest and others (0) 1 0 (0) 1 0 0 1
Profit/(loss) attributable to the Group 745 634 17.6 745 579 809 716 634
INCOME STATEMENT BREAKDOWN
Core income 3,164 2,455 28.9 3,164 2,957 2,639 2,585 2,455
Banking services, securities and other fees 508 486 4.6 508 524 525 556 486
Recurring 424 434 (2.4) 424 450 471 489 434
Wholesale banking 84 52 62.6 84 74 54 67 52
Sale of insurance products 91 94 (3.0) 91 81 87 88 94
Assets under management 265 285 (6.8) 265 277 283 274 285
Mutual funds, managed accounts and SICAVs 191 206 (7.4) 191 196 205 197 206
Pension plans 74 78 (5.4) 74 81 78 76 78
Net fee and commission income 864 865 (0.1) 864 882 894 918 865
Personnel expenses (794) (795) (0.2) (794) (757) (758) (761) (795)
General expenses (337) (323) 4.4 (337) (322) (322) (317) (323)
Depreciation and amortisation (167) (159) 5.4 (167) (168) (167) (160) (159)
Recurring administrative expenses, depreciation and amortisation (1,298) (1,277) 1.6 (1,298) (1,248) (1,247) (1,238) (1,277)
Extraordinary expenses (2) (8) (68.0) (2) (15) (11) (16) (8)
OTHER INDICATORS
ROTE1 11.6 % 7.9 % 3.7 11.6 % 11.0 %
Cost-to-income ratio stripping out extraordinary expenses (12 months) (12 months) 48.5 % 58.4 % (9.9) 48.5 % 49.9 %
Cost of risk (12 months) 0.26 % 0.25 % 0.02 0.26 % 0.27 %
(1) The financial information published in 2022 has been restated in accordance with IFRS 17 / IFRS 9. The ratios (12 months) prior to 4Q22 are those reported in accordance with IFRS 4, as there is no historical data available for restatement. (2) In 1Q22, the ratio (last 12 months) excludes the extraordinary impacts associated with the integration of Bankia from 2Q21 (€-1,405 million).

Banking & insur BS

Banking & insurance business - Balance sheet
31 Mar.2023 31 Dec.2022 Change Chg. %
€ million
BALANCE SHEET
Assets 575,406 555,090 20,316 3.7
Liabilities 547,583 527,437 20,146 3.8
Assigned capital 27,790 27,621 169 0.6
LOANS AND ADVANCES TO CUSTOMERS
Loans to individuals 164,006 166,801 (2,795) (1.7)
Home purchases 122,698 124,862 (2,163) (1.7)
Other 41,308 41,939 (631) (1.5)
of which: Consumer lending 17,873 17,788 85 0.5
Loans to business 148,284 146,454 1,830 1.2
Public sector 19,613 18,974 639 3.4
Loans and advances to customers, gross 331,903 332,229 (326) (0.1)
of which: performing loans 322,613 322,694 (82) 0.0
of which: non-performing loans 9,291 9,535 (244) (2.6)
Provisions for insolvency risk (6,883) (6,877) (6) 0.1
Loans and advances to customers, net 325,020 325,353 (332) (0.1)
Contingent Liabilities 26,904 27,747 (843) (3.0)
CUSTOMER FUNDS
Customer funds 352,592 355,962 (3,371) (0.9)
Demand deposits 330,202 338,333 (8,131) (2.4)
Time deposits 22,390 17,630 4,761 27.0
Insurance contract liabilities 71,059 68,986 2,073 3.0
of which: Unit Link and other 19,033 18,310 723 3.9
Reverse repurchase agreements and other 1,538 2,623 (1,085) (41.4)
On-balance sheet funds 425,189 427,571 (2,382) (0.6)
Mutual funds, managed accounts and SICAVs 104,213 99,115 5,097 5.1
Pension plans 44,195 43,312 883 2.0
Assets under management 148,408 142,428 5,980 4.2
Other accounts 7,153 5,647 1,506 26.7
Total customer funds 580,749 575,646 5,104 0.9
ASSET QUALITY
Non-performing loan ratio (%) 2.7 % 2.8 % (0.1)
Non-performing loan coverage ratio (%) 75 % 73 % 2
OTHER INDICATORS
Customers 18.21 18.31 (0.10) (0.5)
Relational individual customers (%) 70.5 % 70.4 % 0.1
Employees 40,268 40,221 47 0.1
Branches 3,946 4,081 (135) (3.3)
of which retail 3,684 3,818 (134) (3.5)
ATMs 11,475 11,608 (133) (1.1)

Insurance P&L yoy

Insurance activity: Year-on-year performance
VidaCaixa1
1Q23 1Q22 Chg.% 1Q23 4Q22 3Q22 2Q22 1Q22
€ million
Net interest income 9 4 0.0 9 8 6 6 4
Dividend income and share of profit/(loss) of entities accounted for using the equity method 86 41 0.0 86 9 69 35 41
Net fee and commission income 29 33 (12.0) 29 47 31 36 33
Trading income 5 26 (80.6) 5 (4) (3) (3) 26
Insurance service result 260 211 23.4 260 283 232 224 211
Other operating income and expense (0) (1) (97.5) (0) (1) 1 1 (1)
Gross income 389 314 24.1 389 343 337 299 314
Recurring administrative expenses, depreciation and amortisation (33) (34) (1.0) (33) (21) (29) (29) (34)
Extraordinary expenses (2) (2) 49.5 (2) (6) (4) (4) (2)
Pre-impairment income 354 278 27.0 354 317 304 266 278
Pre-impairment income stripping out extraordinary expenses 356 280 27.1 356 323 307 270 280
Allowances for insolvency risk 0 (0) 0.0 0 1 (0) (0) (0)
Gains/(losses) on disposal of assets and others 0 0 0.0 0 1 (0) (0) 0
Profit/(loss) before tax 354 278 27.0 354 318 303 266 278
Income tax expense (78) (65) 19.8 (78) (91) (73) (68) (65)
Profit/(loss) after tax 275 213 29.2 275 228 230 198 213
Profit/(loss) attributable to minority interest and others 0 0 0.0 0 0 0 0 0
Profit/(loss) attributable to the Group 275 213 29.2 275 228 230 198 213
(1) At VidaCaixa Group level prior to consolidation adjustments in CaixaBank. 2023 includes the results of 100% of Sa Nostra Vida integrated by global consolidation, acquired at the end of December 2022 (81.3% acquired from Caser and the remaining 18.7% corresponds to the stake held directly by CaixaBank following the merger), previously recognised in Share of profit/(loss) of entities accounted for using the equity method. (2) The income from Bankia Mediación (insurance company from Bankia) and of VidaCaixa totals €276 million in the first quarter of 2023.

BPI

BPI
€ million 1Q23 1Q22 Chg. % 1Q23 4Q22 3Q22 2Q22 1Q22
INCOME STATEMENT
Net interest income 203 112 80.9 203 173 139 120 112
Dividend income and share of profit/(loss) of entities accounted for using the equity method 5 6 (22.4) 5 11 5 10 6
Net fee and commission income 73 71 2.5 73 77 75 73 71
Trading income 7 9 (20.1) 7 (2) 11 9 9
Insurance service result 0 0 0.0 0 0 0 0 0
Other operating income and expense (26) (19) 32.2 (26) 3 (0) (21) (19)
Gross income 262 179 46.6 262 261 230 191 179
Recurring administrative expenses, depreciation and amortisation (126) (114) 10.4 (126) (113) (116) (111) (114)
Extraordinary expenses 0 0 0.0 0 0 0 0 0
Pre-impairment income 136 65 0.0 136 148 114 80 65
Pre-impairment income stripping out extraordinary expenses 136 65 0.0 136 148 114 80 65
Allowances for insolvency risk (22) 34 0.0 (22) (28) (6) (6) 34
Other charges to provisions (1) (0) 0.0 (1) (16) (6) (0) (0)
Gains/(losses) on disposal of assets and others (1) 0 0.0 (1) (0) (1) 1 0
Profit/(loss) before tax 111 99 12.6 111 103 102 75 99
Income tax expense (39) (29) 36.3 (39) (24) (30) (19) (29)
Profit/(loss) after tax 72 70 2.9 72 79 72 56 70
Profit/(loss) attributable to minority interest and others 0 0 0.0 0 (0) 0 0 0
Profit/(loss) attributable to the Group 72 70 2.9 72 79 72 56 70
0 0 0.0 0 0 0 0 0
INCOME STATEMENT BREAKDOWN 0 0 0 0 0 0 0
Core income 281 190 48.1 281 257 222 203 190
Banking services, securities and other fees 47 41 14.3 47 47 46 45 41
Recurring 46 40 14.2 46 47 45 44 40
Wholesale banking 0 0 17.0 0 1 1 0 0
Sale of insurance products 13 14 (7.5) 13 13 13 13 14
Assets under management 14 17 (17.9) 14 16 16 16 17
Mutual funds, managed accounts and SICAVs 8 10 (16.8) 8 8 9 9 10
Pension plans and others 6 7 (19.6) 6 8 7 7 7
Net fee and commission income 73 71 2.5 73 77 75 73 71
Personnel expenses (62) (58) 7.7 (62) (68) (59) (57) (58)
General expenses (46) (38) 19.9 (46) (27) (38) (37) (38)
Depreciation and amortisation (18) (18) (0.8) (18) (19) (19) (18) (18)
Recurring administrative expenses, depreciation and amortisation (126) (114) 10.4 (126) (113) (116) (111) (114)
Extraordinary expenses 0 0 0.0 0 0 0 0 0
OTHER INDICATORS
ROTE stripping out one-off impacts1 10.0 % 5.7 % 4.3 10.0 % 9.8 %
Cost-to-income ratio stripping out extraordinary expenses (12 months) 49.4 % 59.5 % (10.1) 49.4 % 52.8 %
(1) The different period's ratios (12 months) exclude the extraordinary expenses net of taxes and the coupon for the part of the AT1 issue assigned to this business. In 2022, also the 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 in the first quarter of 2022).
€ million 31 Dec. 2023 31 Dec. 2022 Change Chg. %
BALANCE SHEET
Assets 39,112 38,802 311 0.8
Liabilities 36,646 36,346 300 0.8
Assigned capital 2,466 2,455 11 0.4
LOANS AND ADVANCES TO CUSTOMERS
Loans to individuals 16,070 15,982 87 0.5
Home purchases 14,282 14,183 99 0.7
Other 1,788 1,799 (12) (0.6)
of which: Consumer lending 1,524 1,524 (0) -
Loans to business 11,254 11,326 (72) (0.6)
Public sector 1,850 1,786 65 3.6
Loans and advances to customers, gross 29,174 29,094 80 0.3
of which: Performing loans 28,602 28,531 71 0.2
of which: Non-performing loans 572 563 9 1.6
Provisions for insolvency risk (554) (532) (23) 4.2
Loans and advances to customers, net 28,620 28,563 58 0.2
Contingent liabilities 2,209 2,129 80 3.7
CUSTOMER FUNDS
Customer funds 28,169 30,055 (1,886) (6.3)
Demand deposits 19,421 21,563 (2,142) (9.9)
Time deposits 8,748 8,492 256 3.0
Reverse repurchase agreements and other 11 8 3 42.2
On-balance sheet funds 28,180 30,063 (1,883) (6.3)
Mutual funds, managed accounts and SICAVs 5,599 5,510 89 1.6
Assets under management 5,599 5,510 89 1.6
Other accounts 80 81 (1) (1.5)
Total customer funds 33,859 35,654 (1,795) (5.0)
Memorandum items
Insurance contracts sold1 4,465 4,313 152 3.5
ASSET QUALITY
Non-performing loan ratio (%) 1.9 % 1.9 %
Non-performing loan coverage ratio (%) 95 % 92 % 3
OTHER INDICATORS
Customers 1.86 1.86
Employees 4,386 4,404 (18.0) (0.4)
Branches 317 323 (6.0) (1.9)
of which retail 274 278 (4.0) (1.4)
ATMs 1,305 1,339 (34.0) (2.5)
(1) 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
€ million 1Q23 1Q22 Chg. % 1Q23 4Q22 3Q22 2Q22 1Q22
Net interest income 4 1 4 2 (6) (0) 1
Dividend income 61 61 30 0 126
Share of profit/(loss) of entities accounted for using the equity method (12) 2 (12) 14 5 10 2
Net fee and commission income
Trading income (1) 16 (1) (10) 3 4 16
Insurance service result
Other operating income and expense 0 (7)
Gross income 52 18 52 36 2 132 18
Recurring administrative expenses, depreciation and amortisation (15) (15) 2.7 (15) (15) (16) (14) (15)
Extraordinary expenses
Pre-impairment income 36 3 36 21 (14) 118 3
Pre-impairment income stripping out extraordinary expenses 36 3 36 21 (14) 118 3
Allowances for insolvency risk
Other charges to provisions (9) 0
Gains/(losses) on disposal of assets and others (19) 0
Profit/(loss) before tax 36 3 36 (6) (14) 118 3
Income tax expense 2 (1) 2 8 5 2 (1)
Profit/(loss) after tax 38 3 38 2 (9) 120 3
Profit/(loss) attributable to minority interest and others
Profit/(loss) attributable to the Group 38 3 38 2 (9) 120 3

Corporate Center BS

Corporate centre - Balance sheet
€ million 31 Mar. 2023 31 Dec. 2022 Change Chg. %
BALANCE SHEET
Assets 4,189 4,959 (769.1) (15.5)
Investments (Financial assets at fair value with changes in OCI and Investments in JVs and associates) and other1 1,894 1,797 97.6 5.4
Cash and cash balances at central banks and other demand deposits 2,295 3,162 (866.7) (27.4)
Liabilities 1,445 1,358 86 6.3
Intra-group financing and other liabilities 1,445 1,358 86.2 6.3
Assigned capital2 2,745 3,600 (855.3) (23.8)
of wich: associated with investees 450 439 11.4 2.6

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. In addition, with the aim of showing the recurring performance of the results of the new company arising from the merger with Bankia, S.A. ("Bankia"), a proforma income statement for 2021 has been drawn up by adding the result of Bankia in the first quarter of 2021 (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). The extraordinary impacts associated with the integration of Bankia have been reported separately from the results.
This document features data supplied by third parties generally considered to be reliable information sources. However, the accuracy of the data has not been verified. None of the directors, officers or employees of the company are obliged, either explicitly or implicitly, to ensure that these contents are accurate or complete, or to keep them updated or correct them in the event any deficiencies, errors or omissions are detected. Moreover, in reproducing these contents via any medium, CaixaBank may introduce any changes it deems suitable and may partially or completely omit any portions of this document it chooses. CaixaBank assumes no liability for any discrepancies with this version. The contents of this disclaimer should be taken into account by any persons or entities that may have to make decisions or prepare or share opinions relating to securities issued by CaixaBank, including, in particular, decisions reached by the analysts and investors that rely on this document. All such parties are urged to consult the public documentation and information CaixaBank submits to the Spanish securities market regulator (Comisión Nacional del Mercado de Valores, CNMV). Be advised that this document contains unaudited financial information.
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.
This document has not been approved by or filed with the Spanish National Securities Market Regulator (Comisión Nacional del Mercado de Valores, or CNMV), or by or with any other authority operating in other jurisdictions. In any event, its contents are regulated by the Spanish law applicable at time of writing. This report is not addressed to any person or legal entity located in any other jurisdiction. Consequently, it may not necessarily comply with the prevailing standards or legal requisites of other jurisdictions.
Without prejudice to applicable legal requirements or to any other limitations imposed by the CaixaBank Group, permission to use the contents of this document or the signs, trademarks and logos it contains is expressly denied. This prohibition extends to any reproduction, distribution, transmission to third parties, public communication or conversion, in any medium, for commercial purposes, without the prior express consent of the respective proprietary titleholders. Failure to observe this prohibition may constitute a legal infraction sanctionable under prevailing legislation.

Disclaimer

CaixaBank SA published this content on 05 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 May 2023 07:34:46 UTC.

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