CaixaBank 4Q 2022 results: excel file

INDEX

CaixaBank Group 4Q22
INDEX
1	Key Figures
2	P&L acc
3	Core income acc
4	P&L yoy PF
5	Core income yoy PF
6	P&L qoq PF
7	Core income qoq PF	Institutional Investors & Analysts
8	Average total assets	[email protected]
9	Yields and Costs	+34 93 404 30 32
10	Fees
11	Income from investments
12	Trading income
13	Income insurance
14	Other operating income&exp.
15	Operating expenses
16	Impairment losses
17	G_L disposal of assets
18	Balance sheet
19	Customer Loans
20	ICOs
21	Customer Funds
22	Credit risk quality
23	IFRS9 Stages
24	Financing home purchasing LtV
25	Funding Issuances
26	Solvency
27	Segment P&L PF
28	Banking & insur P&L yoy
29	Banking & insur BS
30	Banking & insur P&L qoq PF
31	Insurance P&L yoy
32	BPI
33	Corporate Center P&L yoy
34	Corporate Center BS
35	Corporate Center P&L qoq PF
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 - December	Change	4Q22	Quarter-on-quarter
2022	2021
PROFIT/(LOSS)
Net interest income	6,916	5,975	15.7 %	- %	2,072	22.8 %
Net fee and commission income	4,009	3,705	8.2 %	- %	1,011	0.7 %
Core income	11,997	10,597	13.2 %	- %	3,356	12.2 %
Gross income	11,594	10,274	12.8 %	- %	2,947	(1.5)%
Recurring administrative expenses, depreciation and amortisation	(6,020)	(5,930)	1.5 %	- %	(1,504)	(0.0)%
Pre-impairment income	5,524	2,225	- %	1,428	(3.2)%
Pre-impairment income stripping out extraordinary expenses	5,574	4,344	28.3 %	- %	1,443	(3.0)%
Profit/(loss) attributable to the Group	3,145	5,226	(39.8)%	- %	688	(22.2)%
Profit/(loss) attributable to the Group ex M&A impacts in 2021	3,145	2,359	33.3 %	- %
MAIN RATIOS (Last 12 months)
Cost-to-income ratio	52.4%	78.3%	(26.0)	-	52.4 %	(3.2)
Cost-to-income ratio stripping out extraordinary expenses	51.9%	57.7%	(5.8)	-	51.9 %	(2.4)
Cost of risk1 (last 12 months)	0.25%	0.23%	0.02	-	0.25 %	0.02
ROE1	8.3%	6.4%	1.8	-	8.3 %	1.1
ROTE1	9.8%	7.6%	2.2	-	9.8 %	1.3
ROA1	0.4%	0.3%	0.1	-	0.4 %	0.1
RORWA1	1.3%	1.1%	0.3	-	1.3 %	0.1
December	December	Change	September	Quarter-on-quarter
2022	2021	2022
BALANCE SHEET
Total assets	592,234	680,036	(12.9)%	- %	675,790	(12.4)%
Equity	34,263	35,425	(3.3)%	- %	34,274	(0.0)%
BUSINESS ACTIVITY
Customer funds	609,133	619,971	(1.7)%	- %	612,504	(0.6)%
Loans and advances to customers, gross	361,323	352,951	2.4 %	- %	362,465	(0.3)%
RISK MANAGEMENT
Non-performing loans (NPL)	10,690	13,634	(2,943)	0	11,643	(952)
Non-performing loan ratio	2.7%	3.6 %	(0.9)	0.0	3.0 %	(0.2)
Provisions for insolvency risk	7,867	8,625	(757)	0	7,867	1
NPL coverage ratio	74%	63 %	11	-	68 %	6
Net foreclosed available for sale real estate assets	1,893	2,279	(386)	0	2,044	(151)
LIQUIDITY
Total Liquid Assets	139,010	168,349	(29,338)	0	141,981	(2,970)
Liquidity Coverage Ratio (last 12 months)	194%	336%	(29)	0	276 %	(22)
Net Stable Funding Ratio (NSFR)	142%	154.%	(12)	0	145. %	(3)
Loan to deposits	91%	89%	2	0	90 %	1
CAPITAL ADEQUACY
Common Equity Tier 1 (CET1)	12.8%	13.1%	(0.3)	-	12.4 %	0.4
Tier 1	14.8%	15.5%	(0.7)	-	14.3 %	0.5
Total capital	17.4%	17.9%	(0.5)	-	16.5 %	0.9
MREL	26.0%	25.7%	0.3	-	25.1 %	0.9
Risk-Weighted Assets (RWAs)	214,431	215,651	(1,220)	-	215,499	(1,068)
Leverage ratio	5.6%	5.3%	0.3	-	4.8 %	0.8
Share price (€/share)	3.672	2.414	1.258	-	3.311	0.361
Market capitalisation	25,870	19,441	6,429	-	25,176	694
Book value per share (€/share)	4.57	4.39	0.18	-	4.50	0.06
Tangible book value per share (€/share)	3.82	3.73	0.09	-	3.81	0.01
Net income (ex M&A impacts) attributable per share (€/share) (12 months)	0.37	0.28	0.09	-	0.32	0.05
PER (Price/Profit, ex M&A impacts ; times)	9.95	8.65	1.30	-	10.43	(0.48)
Tangible PBV (Market value/ book value of tangible assets)	0.96	0.65	0.31	-	0.87	0.09
OTHER DATA (units)
Employees	44,625	49,762	(5,137)	0	44,501	124
Branches2	4,404	5,317	(913)	0	4,461	(57)
of which: retail branches in Spain	3,818	4,615	(797)	0	3,859	(41)
ATMs	12,947	14,426	(1,479)	0	13,047	(100)
(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) Does not include branches outside Spain and Portugal or representative offices.

P&L acc


Income statement: Year-on-year performance
ex M&A one offs
2022	2021	Chg. %	2021	Chg. %
€ million
Net interest income	6,916	5,975	15.7	5,975	15.7
Dividend income	163	192	(14.9)	192	(14.9)
Share of profit/(loss) of entities accounted for using the equity method	264	425	(37.8)	425	(37.8)
Net fee and commission income	4,009	3,705	8.2	3,705	8.2
Trading income	338	220	53.8	220	53.8
Income and expense under insurance or reinsurance contracts	866	651	33.1	651	33.1
Other operating income and expense	(963)	(893)	7.8	(893)	7.8
Gross income	11,594	10,274	12.8	10,274	12.8
Recurring administrative expenses, depreciation and amortisation	(6,020)	(5,930)	1.5	(5,930)	1.5
Extraordinary expenses	(50)	(2,119)	(97.7)	(1)
Pre-impairment income	5,524	2,225	4,343	27.2
Pre-impairment income stripping out extraordinary expenses	5,574	4,344	28.3	4,344	28.3
Allowances for insolvency risk	(982)	(838)	17.3	(838)	17.3
Other charges to provisions	(129)	(478)	(73.0)	(384)	(66.4)
Gains/(losses) on disposal of assets and others	(87)	4,405	(59)	47.7
Profit/(loss) before tax	4,326	5,315	(18.6)	3,062	41.3
Income tax expense	(1,179)	(88)	(702)	67.9
Profit/(loss) after tax	3,147	5,227	(39.8)	2,360	33.3
Profit/(loss) attributable to minority interest and others	2	1	59.9	1	59.9
Profit/(loss) attributable to the Group	3,145	5,226	(39.8)	2,359	33.3

Core income acc


Core income: Year-on-year performance
Core income	2022	2021	Change	Chg.%
Net interest income	6,916	5,975	941	15.7
Income from Bancassurance equity investments	206	267	(61)	(22.9)
Net fee and commission income	4,009	3,705	304	8.2
Income and expense under insurance or reinsurance contracts	866	651	215	33.1
Total core income	11,997	10,597	1,399	13.2

P&L yoy PF


Comparative proforma income statement: Year-on-year performance
2022	2021	Change	Chg. %
€ million
Net interest income	6,916	6,422	493	7.7
Dividend income	163	192	(29)	(15.0)
Share of profit/(loss) of entities accounted for using the equity method	264	436	(172)	(39.5)
Net fee and commission income	4,009	3,987	22	0.6
Trading income	338	230	108	47.0
Income and expense under insurance or reinsurance contracts	866	651	215	33.1
Other operating income and expense	(963)	(934)	(28)	3.0
Gross income	11,594	10,985	610	5.5
Recurring administrative expenses, depreciation and amortisation	(6,020)	(6,374)	354	(5.6)
Extraordinary expenses	(50)	(1)	(49)
Pre-impairment income	5,524	4,610	915	19.8
Pre-impairment income stripping out extraordinary expenses	5,574	4,611	963	20.9
Allowances for insolvency risk	(982)	(961)	(22)	2.3
Other charges to provisions	(129)	(407)	278	(68.3)
Gains/(losses) on disposal of assets and others	(87)	(82)	(6)	6.9
Profit/(loss) before tax	4,326	3,160	1,166	36.9
Income tax expense	(1,179)	(734)	(444)	60.5
Profit/(loss) after tax	3,147	2,426	721	29.7
Profit/(loss) attributable to minority interest and others	2	1	1	52.7
Comparative proforma Profit/(loss)	3,145	2,424	721	29.7
- Profit/(loss) Bankia pre-merger stripping out extraordinary expenses, net	(65)	65
+ M&A impacts, net	2,867	(2,867)
Profit/(loss) attributable to the Group (accounting profit/(loss))	3,145	5,226	(2,080)	(39.8)

Core income yoy PF


Comparative proforma core income: Year-on-year performance
PF
Core income	2022	2021	Change	Chg.%
Net interest income	6,916	6,422	493	7.7
Income from Bancassurance equity investments	206	279	(73)	(26.2)
Net fee and commission income	4,009	3,987	22	0.6
Income and expense under insurance or reinsurance contracts	866	651	215	33.1
Total core income	11,997	11,339	658	5.8

P&L qoq PF


Comparative proforma income statement: Quarter-on-quarter performance
4Q22	3Q22	Chg. %	4Q21	Chg. %
€ million
Net interest income	2,072	1,687	22.8	1,559	33.0
Dividend income	32	39	(19.9)
Share of profit/(loss) of entities accounted for using the equity method	57	95	(40.3)	70	(18.5)
Net fee and commission income	1,011	1,004	0.7	1,101	(8.1)
Trading income	16	75	(78.4)	90	(82.0)
Income and expense under insurance or reinsurance contracts	235	220	7.0	172	37.2
Other operating income and expense	(476)	(90)	(466)	2.1
Gross income	2,947	2,992	(1.5)	2,563	15.0
Recurring administrative expenses, depreciation and amortisation	(1,504)	(1,505)	(1,577)	(4.6)
Extraordinary expenses	(15)	(11)	34.3
Pre-impairment income	1,428	1,476	(3.2)	987	44.7
Pre-impairment income stripping out extraordinary expenses	1,443	1,487	(3.0)	987	46.3
Allowances for insolvency risk	(434)	(172)	(344)	26.2
Other charges to provisions	(6)	(33)	(80.5)	(182)	(96.5)
Gains/(losses) on disposal of assets and others	(32)	(20)	59.3	(32)	0.2
Profit/(loss) before tax	955	1,251	(23.6)	429
Income tax expense	(266)	(366)	(27.2)	(91)
Profit/(loss) after tax	689	885	(22.1)	339
Profit/(loss) attributable to minority interest and others	1	0	2	(60.4)
Comparative proforma Profit/(loss)	688	884	(22.2)	337
+ M&A impacts, net	88
Profit/(loss) attributable to the Group (accounting profit/(loss))	688	884	(22.2)	425	62.1

Core income qoq PF


Comparative proforma core income: Quarter-on-quarter performance
PF
Core income	4Q22	3Q22	Chg.%	4Q21	Chg.%
Net interest income	2,072	1,687	22.8	1,559	33.0
Income from Bancassurance equity investments	37	80	(53.5)	58	(35.8)
Net fee and commission income	1,011	1,004	0.7	1,101	(8.1)
Income and expense under insurance or reinsurance contracts	235	220	7.0	172	37.2
Total core income	3,356	2,991	12.2	2,889	16.2

Average total assets


Returns on average total assets1
4Q22	3Q22	2Q22	1Q22	4Q21
In %
Interest income	1.62	1.27	1.20	1.20	1.18
Interest expense	(0.41)	(0.32)	(0.29)	(0.31)	(0.29)
Net interest income	1.21	0.95	0.91	0.89	0.89
Dividend income	0.02	0.07	0.02
Share of profit/(loss) of entities accounted for using the equity method	0.03	0.06	0.04	0.03	0.04
Net fee and commission income	0.59	0.57	0.58	0.56	0.63
Trading income	0.01	0.04	0.06	0.08	0.05
Income and expense under insurance or reinsurance contracts	0.14	0.12	0.12	0.12	0.10
Other operating income and expense	(0.28)	(0.05)	(0.15)	(0.08)	(0.27)
Gross income	1.72	1.69	1.63	1.59	1.46
Recurring administrative expenses, depreciation and amortisation	(0.88)	(0.84)	(0.84)	(0.88)	(0.90)
Extraordinary expenses	(0.01)	(0.01)	(0.01)
Pre-impairment income	0.83	0.84	0.78	0.71	0.56
Pre-impairment income stripping out extraordinary expenses	0.84	0.85	0.79	0.72	0.56
Allowances for insolvency risk	(0.25)	(0.10)	(0.08)	(0.13)	(0.20)
Other charges to provisions	(0.02)	(0.03)	(0.03)	(0.10)
Gains/(losses) on disposal of assets and others	(0.02)	(0.01)	(0.02)	(0.01)	(0.02)
Profit/(loss) before tax	0.56	0.71	0.66	0.55	0.24
Income tax expense	(0.16)	(0.21)	(0.17)	(0.14)	(0.05)
Profit/(loss) after tax	0.40	0.50	0.49	0.41	0.19
Profit/(loss) attributable to minority interest and others
Profit/(loss) attributable to the Group	0.40	0.50	0.49	0.41	0.19
Average total net assets (€ million)	679,850	701,243	707,629	706,116	695,346
(1) Annualised quarterly proforma income/cost to average total assets in the quarter.

Yields and Costs

x
Quarterly cost and income1
4Q22	3Q22	2Q22	1Q22	4Q21
€ million	Average balance	Income or expense	Rate %	Average balance	Income or expense	Rate %	Average balance	Income or expense	Rate %	Average balance	Income or expense	Rate %	Average balance	Income or expense	Rate %
Financial Institutions	109,694	318	1.15	127,932	165	0.51	135,615	276	0.82	136,446	278	0.83	123,090	266	0.86
Loans and advances	(a)	340,765	2,013	2.34	340,968	1,577	1.84	335,025	1,358	1.63	329,860	1,306	1.61	333,254	1,355	1.61
Debt securities	92,004	179	0.77	92,295	103	0.44	90,495	85	0.38	87,510	59	0.28	81,945	53	0.26
Other assets with returns	57,141	227	1.57	59,800	389	2.58	62,310	385	2.48	67,682	427	2.56	63,773	388	2.42
Other assets	80,246	41	-	80,248	11	-	84,184	17	-	84,618	17	-	93,284	4	-
Total average assets	(b)	679,850	2,778	1.62	701,243	2,245	1.27	707,629	2,121	1.20	706,116	2,087	1.20	695,346	2,066	1.18
Financial Institutions	116,363	(218)	0.74	128,334	(132)	0.41	132,871	(182)	0.55	125,900	(168)	0.54	116,988	(144)	0.49
Retail customer funds	(c)	384,369	(151)	0.16	392,310	(24)	0.02	387,613	24	(0.03)	382,008	16	(0.02)	376,774	(1)	-
Wholesale marketable debt securities & other	47,045	(191)	1.61	46,581	(86)	0.73	47,441	(38)	0.32	47,624	(27)	0.23	48,003	(35)	0.29
Subordinated liabilities	8,796	(25)	1.15	8,624	(13)	0.58	9,265	(3)	0.11	9,936	(5)	0.21	10,380	(8)	0.31
Other funds with cost	73,984	(111)	0.59	76,551	(289)	1.50	75,937	(295)	1.56	82,045	(332)	1.64	82,184	(308)	1.49
Other funds	49,293	(10)	-	48,843	(14)	-	54,502	(21)	-	58,603	(21)	-	61,018	(11)	-
Total average funds	(d)	679,850	(706)	0.41	701,243	(558)	0.32	707,629	(515)	0.29	706,116	(537)	0.31	695,346	(507)	0.29
Net interest income	2,072	1,687	1,606	1,550	1,559
Customer spread (%)	(a-c)	2.18	1.82	1.66	1.63	1.61
Balance sheet spread (%)	(b-d)	1.21	0.95	0.91	0.89	0.89
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
2022	2021	Chg.%	4Q22	3Q22	2Q22	1Q22	4Q21
€ million
Banking services, securities and other fees	2,254	2,217	1.7	566	567	597	524	583
Recurring	2,005	2,010	(0.3)	491	513	529	471	527
Wholesale banking	249	207	20.5	75	54	68	52	56
Sale of insurance products	373	379	(1.8)	87	92	93	100	116
Long-term savings products	1,383	1,391	(0.6)	358	345	336	345	402
Mutual funds, managed accounts and SICAVs	840	860	(2.4)	204	214	206	216	242
Pension plans	310	325	(4.6)	82	76	76	76	95
Unit Link and other1	233	206	13.0	72	55	54	53	65
Net fee and commission income	4,009	3,987	0.6	1,011	1,004	1,026	969	1,101
(1) Includes income corresponding to Unit Link and Flexible Investment Life Annuity (the part managed).

Income from investments

Income from equity instruments
2022	2021	Chg.%	4Q22	3Q22	2Q22	1Q22	4Q21
€ million
Dividend income	163	192	(15.0)	32	0	130	1	39
Share of profit/(loss) of entities accounted for using the equity method	264	436	(39.5)	57	95	62	50	70
Income from equity investments	427	628	(32.0)	88	96	192	51	109

Trading income


Trading income
2022	2021	Chg.%	4Q22	3Q22	2Q22	1Q22	4Q21
€ million
Trading income	338	230	47.0	16	75	104	144	90

Income insurance


Income and expenses arising from insurance or reinsurance contracts
2022	2021	Chg.%	4Q22	3Q22	2Q22	1Q22	4Q21
€ million
Income and expense under insurance or reinsurance contracts	866	651	33.1	235	220	209	202	172

Other operating income&exp.


Other operating income and expense
2022	2021	Chg.%	4Q22	3Q22	2Q22	1Q22	4Q21
€ million
Contributions and levies	(587)	(596)	(1.5)	(407)	0	(159)	(21)	(396)
Other real estate operating income and expense (including Spanish property tax in Q1)	(70)	(64)	8.1	(1)	(8)	(23)	(38)	(1)
Other	(306)	(274)	11.7	(69)	(81)	(75)	(80)	(70)
Other operating income and expense	(963)	(934)	3.0	(476)	(90)	(257)	(140)	(466)

Operating expenses


Administrative expenses, depreciation and amortisation
2022	2021	Chg.%	4Q22	3Q22	2Q22	1Q22	4Q21
€ million
Gross income	11,594	10,985	5.5	2,947	2,992	2,880	2,775	2,563
Personnel expenses	(3,649)	(3,972)	(8.1)	(908)	(904)	(900)	(937)	(977)
General expenses	(1,564)	(1,661)	(5.9)	(390)	(394)	(389)	(391)	(404)
Depreciation and amortisation	(807)	(741)	8.9	(206)	(207)	(199)	(195)	(196)
Recurring administrative expenses, depreciation and amortisation	(6,020)	(6,374)	(5.6)	(1,504)	(1,505)	(1,488)	(1,523)	(1,577)
Extraordinary expenses	(50)	(1)	(15)	(11)	(16)	(8)
0	0	0	0	0	0	0	0
Cost-to-income ratio stripping out extraordinary expenses (%) (12 months)	51.9	58.0	(6.1)	51.9	54.3	56.1	57.4	58.0
2022	2021	Chg.%	4Q22	3Q22	2Q22	1Q22	4Q21
Core income	11,997	11,339	5.8	3,356	2,991	2,888	2,761	2,889
Recurring administrative expenses, depreciation and amortisation	(6,020)	(6,374)	(5.6)	(1,504)	(1,505)	(1,488)	(1,523)	(1,577)
Core cost-to-income ratio (12 months)	50.2	56.2	(6.0)	50.2	52.8	54.6	55.8	56.2

Impairment losses


Impairment losses

2022	2021	Chg.%	4Q22	3Q22	2Q22	1Q22	4Q21
€ million
Allowances for insolvency risk	(982)	(961)	2.3	(434)	(172)	(147)	(228)	(344)
Other charges to provisions	(129)	(407)	(68.3)	(6)	(33)	(45)	(45)	(182)
Allowances for insolvency risk and other charges to provisions	(1,111)	(1,368)	(18.8)	(441)	(205)	(192)	(273)	(526)

G_L disposal of assets


Gains/(losses) on disposal of assets and others
2022	2021	Chg.%	4Q22	3Q22	2Q22	1Q22	4Q21
€ million
Real estate results	55	13	31	5	10	8	15
Other	(142)	(95)	50.0	(63)	(24)	(37)	(18)	(47)
Gains/(losses) on disposal of assets and others	(87)	(82)	6.9	(32)	(20)	(26)	(9)	(32)
0	0	0	0	0	0

Balance sheet

x
Balance sheet
31 Dec.2022	30 Sep. 2022	Chrg.%	31 Dec.2021	Chrg.%
€ million
- Cash and cash balances at central banks and other demand deposits	20,522	98,109	(79.1)	104,216	(80.3)
- Financial assets held for trading	7,382	9,235	(20.1)	10,925	(32.4)
- Financial assets not designated for trading compulsorily measured at fair value through profit or loss	183	194	(6.1)	237	(22.8)
Equity instruments	127	137	(7.4)	165	(22.9)
Debt securities	6	6	(8.0)	5	6.5
Loans and advances	50	51	(2.2)	67	(24.7)
-Financial assets at fair value with changes in other comprehensive income	12,942	16,754	(22.8)	16,403	(21.1)
- Financial assets at amortised cost	442,754	444,005	(0.3)	420,599	5.3
Credit institutions	12,187	10,814	12.7	7,869	54.9
Customers	352,834	355,473	(0.7)	344,524	2.4
Debt securities	77,733	77,719	0.0	68,206	14.0
- Derivatives - Hedge accounting	649	448	45.0	1,038	(37.5)
- Investments in joint ventures and associates	2,034	2,247	(9.5)	2,533	(19.7)
- Assets under the insurance business1	68,534	67,529	1.5	83,464	(17.9)
- Tangible assets	7,516	7,659	(1.9)	8,264	(9.0)
- Intangible assets	5,219	4,918	6.1	4,933	5.8
- Non-current assets and disposal groups classified as held for sale	2,426	2,782	(12.8)	3,038	(20.2)
- Other assets	22,075	21,909	0.8	24,387	(9.5)
Total assets	592,234	675,790	(12.4)	680,036	(12.9)
Liabilities	557,972	641,516	(13.0)	644,611	(13.4)
- Financial liabilities held for trading	4,030	6,092	(33.9)	5,118	(21.3)
- Financial liabilities at amortised cost	482,501	564,193	(14.5)	547,026	(11.8)
Deposits from central banks and credit institutions	28,810	96,544	(70.2)	94,050	(69.4)
Customer deposits	393,060	408,652	(3.8)	392,479	0.1
Debt securities issued	52,608	51,031	3.1	53,684	(2.0)
Other financial liabilities	8,022	7,966	0.7	6,812	17.8
- Liabilities under the insurance business2	65,654	65,662	(0.0)	79,834	(17.8)
- Provisions	5,263	5,455	(3.5)	6,535	(19.5)
- Other liabilities	524	114	6,098	(91.4)
Equity	34,263	34,274	(0.0)	35,425	(3.3)
- Shareholders' equity	36,639	36,680	(0.1)	37,013	(1.0)
- Minority interest	32	32	1.7	31	3.9
- Accumulated other comprehensive income	(2,409)	(2,438)	(1.2)	(1,619)	48.8
Total liabilities and equity	592,234	675,790	(12.4)	680,036	(12.9)
(2) 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 Dec. 2022	30 Sept. 2022	Chg. %	31 Dec. 2021	Chg. %
€ million
Loans to individuals	182,783	183,648	(0.5)	184,752	(1.1)
Home purchases	139,045	139,794	(0.5)	139,792	(0.5)
Other	43,738	43,854	(0.3)	44,959	(2.7)
of which: Consumer lending	19,312	19,214	0.5	18,716	3.2
Loans to business	157,780	157,129	0.4	147,419	7.0
Corporates and SMEs	152,789	152,035	0.5	141,619	7.9
Real estate developers	4,991	5,094	(2.0)	5,800	(13.9)
Public sector	20,760	21,688	(4.3)	20,780	(0.1)
Loans and advances to customers, gross1	361,323	362,465	(0.3)	352,951	2.4
Of which:
Performing loans	351,225	351,462	(0.1)	339,971	3.3
Provisions for insolvency risk	(7,408)	(7,508)	(1.3)	(8,265)	(10.4)
Loans and advances to customers, net	353,915	354,957	(0.3)	344,686	2.7
Contingent liabilities	29,876	29,057	2.8	27,209	9.8
(1) See 'Reconciliation of activity indicators using management criteria' in the 'Appendices'.

ICOs

Breakdown of government guaranteed loans
31 Dec. 2022	30 Sept. 2022	31 Dec. 2021
Amounts drawn, in € million	Total	Spain (ICO)	Total	Spain (ICO)	Total	Spain (ICO)
Loans to individuals	1,121	1,072	0	1,215	1,172	0	1,415	1,378
Loans to business	17,140	15,730	0	18,253	16,987	0	20,337	19,265
Public sector	7	7	0	7	7	0	10	9
Loans and advances to customers, gross1	18,268	16,809	0	19,475	18,167	0	21,762	20,653
(2) Refers to the amount of loans and advances disposed by clients.

Customer Funds


Customer funds
31 Dec. 2022	30 Sept. 2022	Chg.%	31 Dec. 2021	Chg.%
€ million
Customer funds	386,017	389,757	(1.0)	384,270	0.5
Demand deposits	359,896	361,291	(0.4)	350,449	2.7
Time deposits1	26,122	28,467	(8.2)	33,821	(22.8)
Insurance contract liabilities2	67,467	65,777	2.6	67,376	0.1
of which: Unit Link and other3	18,310	18,057	1.4	19,366	(5.5)
Reverse repurchase agreements and others	2,631	2,991	(12.0)	3,322	(20.8)
On-balance sheet funds	456,115	458,525	(0.5)	454,968	0.3
Mutual funds, managed accounts and SICAVs	101,519	100,842	0.7	110,089	(7.8)
Pension plans	43,312	43,292	0.0	47,930	(9.6)
Assets under management	144,832	144,133	0.5	158,020	(8.3)
Other accounts	8,186	9,846	(16.9)	6,983	17.2
Total customer funds4	609,133	612,504	(0.6)	619,971	(1.7)
(1) Includes retail debt securities amounting to €1,309 million at 31 December 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	30 Jun. 2022	30 Sept. 2022
Loans to individuals	4.2%	3.3%	3.0%
Home purchases	3.6%	2.7%	2.4%
Other	6.4%	5.2%	4.9%
of which: Consumer lending	4.4%	3.5%	3.5%
Loans to business	3.5%	3.1%	2.9%
Public sector	0.3%	0.1%	0.1%
NPL Ratio (loans and contingent liabilities)	3.6%	3.0%	2.7%
Changes in non-performing loans
4Q21	1Q22	2Q22	3Q22	4Q22
€ million
Opening balance	13,955	13,634	13,361	12,424	11,643
Exposures recognized as non-performing (NPL-inflows)	1,633	1,133	1,619	1,160	1,354
Derecognitions from non-performing exposures	(1,955)	(1,406)	(2,556)	(1,941)	(2,307)
of which: written off	(375)	(170)	(199)	(266)	(175)
Closing balance	13,634	13,361	12,424	11,643	10,690
Changes in provisions for insolvency risk1
4Q21	1Q22	2Q22	3Q22	4Q22
€ million
Opening balance	8,955	8,625	8,648	8,126	7,867
Allowances for insolvency risk	344	228	147	172	434
Amounts used	(666)	(200)	(661)	(428)	(427)
Transfers and other changes	(8)	(5)	(8)	(4)	(7)
Closing balance	8,625	8,648	8,126	7,867	7,867
(1) Including loans and contingent liabilities.
Refinancing
31 Dec.2021	30 Sep. 2022	31 Dec.2022
€ million	Total	of which: NPL	Total	of which: NPL	Total	of which: NPL
Individuals	6,430	4,420	4,987	3,171	4,523	2,736
Corporates and SMEs	6,045	2,783	6,201	2,742	6,164	2,664
Public sector	186	13	173	9	160	9
Total	12,661	7,216	11,362	5,923	10,848	5,408
Provisions	2,702	2,441	2,582	2,295	2,566	2,240

IFRS9 Stages


IFRS9 Stages
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)
30 Sept. 2022	Loan book exposure	Provisions
€ million	Stage 1	Stage 2	Stage 3	TOTAL	Stage 1	Stage 2	Stage 3	TOTAL
Loans and advances	323,873	27,589	11,003	362,465	(1,481)	(1,196)	(4,831)	(7,508)
Contingent liabilities	26,340	2,077	639	29,057	(30)	(60)	(268)	(358)
Total loans and contingent liabilities	350,213	29,666	11,643	391,522	(1,511)	(1,256)	(5,099)	(7,867)
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 Dec. 2022
€ million	LTV ≤ 40%	40% <>LTV ≤ 60%	60% <>LTV ≤ 80%	LTV > 80%	TOTAL
Gross amount	42,220	44,868	35,543	15,311	137,942
of which: Non-performing	413	613	662	1,593	3,280
30 Sep. 2022
€ million	LTV ≤ 40%	40% <>LTV ≤ 60%	60% <>LTV ≤ 80%	LTV > 80%	TOTAL
Gross amount	42,011	45,873	35,308	15,474	138,667
of which: Non-performing	427	657	760	1,964	3,808
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	Cost2	Demand	Category
Senior preferred debt1	1,000	21/1/2022	6 years	0,673 % (midswap + 0,62 %)	1,500	Social bond
Senior preferred debt	75	20/7/2022	12 years	3,668 %	Private	-
Senior preferred debt	1,000	7/9/2022	7 years	3,86 % (midswap + 1,55 %)	1,700	Green bond
Senior non preferred debt GBP1,3	£500	6/4/2022	6 years	3,5 % (UKT + 2,10 %)	£1.250	-
Senior non preferred debt1	1,000	13/4/2022	4 years	1,664 % (midswap + 0,80 %)	1,750	-
Senior non preferred debt JPY 1,4	JPY4.000	15/6/2022	4 years 4 months	0,83 %	Private	-
Senior non preferred debt AUD5	AUD 45	20/7/2022	15 years	6,86 %	Private	-
Senior non preferred debt JPY1,6	JPY7.000	20/7/2022	4 years	1,20 %	Private	-
Senior non preferred debt1	1,000	14/11/2022	8 years	5,476 % (midswap + 2,40 %)	2,100	Green bond
Senior non preferred debt JPY1,7	JPY5.000	2/12/2022	4 years and 6 months	1,60 %	Private	-
Subordinated debt1	750	23/11/2022	10 years and 3 months	6,290 % (midswap + 3,55 %)	3,200	-
(1) Meaning the yield on the issue. (2) The issue is callable, meaning that the option to redeem them early can be executed before the maturity date. (3) Equivalent amount on the day of issuance, in euros: €592 million. (4) Equivalent amount on the day of issuance, in euros: €28 million. (5) Equivalent amount on the day of issuance, in euros: €30 million. (6) Equivalent amount on the day of issuance, in euros: €51 million. (7) Equivalent amount on the day of issuance, in euros: €35 million.

Solvency


Performance and key capital adequacy indicators

€ million	31 Dec. 2021	31 Mar. 2022	30 Jun. 2022	30 Sept. 2022	31 Dec. 2022	Quarter-on-quarter
CET1 Instruments	34,824	35,011	33,377	33,210	33,462	252
Shareholders' equity	37,013	37,641	36,608	36,680	36,639	(41)
Capital	8,061	8,061	8,061	8,061	7,502	(559)
Profit/(loss) attributable to the Group	5,226	707	1,573	2,457	3,145	688
Reserves and other	23,727	28,874	26,974	26,163	25,992	(171)
Other CET1 instruments1	(2,189)	(2,630)	(3,231)	(3,471)	(3,178)	293
Deductions from CET1	(6,487)	(6,305)	(6,559)	(6,537)	(5,973)	564
CET1	28,337	28,707	26,818	26,673	27,488	816
AT1 instruments	4,984	4,985	4,236	4,237	4,238	1
AT1 Deductions
TIER 1	33,322	33,692	31,054	30,910	31,726	816
T2 instruments	5,192	4,677	4,694	4,704	5,574	870
T2 Deductions
TIER 2	5,192	4,677	4,694	4,704	5,574	870
TOTAL CAPITAL	38,514	38,369	35,748	35,614	37,300	1,686
Other computable subordinated instruments. MREL	10,628	9,375	10,979	11,038	11,048	11
MREL, subordinated	49,141	47,744	46,727	46,652	48,349	1,697
Other computable instruments. MREL	6,382	7,380	6,383	7,451	7,448	(4)
MREL	55,524	55,124	53,110	54,103	55,796	1,693
Risk-weighted assets	215,651	214,249	215,515	215,499	214,431	(1,068)
CET1 Ratio	13.1 %	13.4 %	12.4 %	12.4 %	12.8 %	0.4 %
Tier 1 Ratio	15.5 %	15.7 %	14.4 %	14.3 %	14.8 %	0.5 %
Total Capital Ratio	17.9 %	17.9 %	16.6 %	16.5 %	17.4 %	0.9 %
MDA Buffer2	10,686	10,902	8,735	8,601	9,620	1,018
MREL Ratio, subordinated	22.8 %	22.3 %	21.7 %	21.6 %	22.5 %	0.9 %
MREL Ratio3	25.7 %	25.7 %	24.6 %	25.1 %	26.0 %	0.9 %
Leverage ratio	5.3 %	5.2 %	4.6 %	4.8 %	5.6 %	0.8 %
CET1 Ratio - CABK (non-consolidated basis)	13.9 %	14.1 %	13.0 %	12.7 %	12.9 %	0.2 %
Tier 1 Ratio CABK (non-consolidated basis)	16.4 %	16.6 %	15.1 %	14.8 %	15.1 %	0.2 %
Total Capital Ratio - CABK (non-consolidated basis)	18.9 %	19.0 %	17.4 %	17.2 %	17.9 %	0.7 %
Risk-weighted assets (non-consolidated basis)	200,755	197,049	199,042	198,756	198,549	(206)
Profit/loss (non-consolidated basis)	4,215	790	1,416	1,982	2,413	431
ADIs4	6,987	7,707	7,076	7,581	7,621	40
MDA Buffer- CABK (non-consolidated basis)2	13,782	13,976	11,828	11,269	11,710	441
Leverage Ratio - CABK (non-consolidated basis)	5.5 %	5.4 %	4.7 %	4.8 %	5.7 %	0.8 %
0	0	0
Data at September 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 (proforma)
Banking and insurance	BPI	Corporate Center	Group
€ million	Banking and insurance	BPI	Corporate Center	Group
Net interest income	6,366	544	6	6,916
Dividend income and share of profit/(loss) of entities accounted for using the equity method	212	29	187	427
Net fee and commission income	3,714	296	4,009
Trading income	299	27	12	338
Income and expense under insurance or reinsurance contracts	866	866
Other operating income and expense	(918)	(38)	(7)	(963)
Gross income	10,539	857	198	11,594
Recurring administrative expenses, depreciation and amortisation	(5,505)	(455)	(60)	(6,020)
Extraordinary expenses	(50)	(50)
Pre-impairment income	4,984	402	138	5,524
Pre-impairment income stripping out extraordinary expenses	5,034	402	138	5,574
Allowances for insolvency risk	(976)	(6)	(982)
Other charges to provisions	(98)	(22)	(9)	(129)
Gains/(losses) on disposal of assets and others	(69)	(0)	(19)	(87)
Profit/(loss) before tax	3,842	374	110	4,326
Income tax expense	(1,089)	(101)	12	(1,179)
Profit/(loss) after tax	2,753	272	122	3,147
Profit/(loss) attributable to minority interest and others	2	0	2
Profit/(loss) attributable to the Group	2,751	272	122	3,145

Banking & insur P&L yoy


Banking & insurance business - Income statement: Year-on-year performance
Proforma
€ million	2022	2021	Chg.%	2021	Chg.%
INCOME STATEMENT
Net interest income	6,366	5,552	14.7	0	5,999	6.1
Dividend income and share of profit/(loss) of entities accounted for using the equity method	212	266	(20.3)	0	278	(23.8)
Net fee and commission income	3,714	3,417	8.7	0	3,699	0.4
Trading income	299	192	55.7	0	202	47.8
Income and expense under insurance or reinsurance contracts	866	651	33.1	0	651	33.1
Other operating income and expense	(918)	(861)	6.5	0	(902)	1.7
Gross income	10,539	9,216	14.4	0	9,927	6.2
Recurring administrative expenses, depreciation and amortisation	(5,505)	(5,424)	1.5	0	(5,863)	(6.1)
Extraordinary expenses	(50)	(2,118)	(97.7)	0
Pre-impairment income	4,984	1,674	0	4,064	22.6
Pre-impairment income stripping out extraordinary expenses	5,034	3,792	32.8	0	4,064	23.9
Allowances for insolvency risk	(976)	(797)	22.4	0	(920)	6.0
Other charges to provisions	(98)	(441)	(77.7)	0	(371)	(73.5)
Gains/(losses) on disposal of assets and others	(69)	4,360	0	(126)	(45.7)
Profit/(loss) before tax	3,842	4,796	(19.9)	0	2,647	45.2
Income tax expense	(1,089)	(53)	0	(702)	55.2
Profit/(loss) after tax	2,753	4,742	(41.9)	0	1,945	41.5
Profit/(loss) attributable to minority interest and others	2	1	30.2	0	1	24.4
Profit/(loss) attributable to the Group	2,751	4,741	(42.0)	0	1,944	41.5
INCOME STATEMENT BREAKDOWN
Core income	11,124	9,864	12.8	0	10,605	4.9
Banking services, securities and other fees	2,077	1,867	11.2	0	2,048	1.4
Recurring	1,830	1,670	9.6	0	1,843	(0.7)
Wholesale banking	247	198	24.7	0	205	20.6
Sale of insurance products	320	282	13.3	0	324	(1.4)
Long-term savings products	1,317	1,267	3.9	0	1,326	(0.7)
Mutual funds, managed accounts and SICAVs	804	774	3.8	0	818	(1.7)
Pension plans	309	308	0.2	0	324	(4.6)
Unit Link and other	204	185	10.6	0	185	10.5
Net fee and commission income	3,714	3,417	8.7	0	3,699	0.4
Personnel expenses	(3,360)	(3,414)	(1.6)	0	(3,685)	(8.8)
General expenses	(1,413)	(1,391)	1.6	0	(1,513)	(6.6)
Depreciation and amortisation	(731)	(619)	18.2	0	(665)	10.0
Recurring administrative expenses, depreciation and amortisation	(5,505)	(5,424)	1.5	0	(5,863)	(6.1)
Extraordinary expenses	(50)	(2,118)	(97.7)	0
OTHER INDICATORS	0
ROTE1	11.1 %	7.8 %	3.2	0
Cost-to-income ratio stripping out extraordinary expenses (12 months) (12 months)	52.2 %	58.9 %	(6.6)	0
Cost of risk (12 months)	0.27 %	0.24 %	0.04	0
(1) In 2021, the ratio excludes the net extraordinary income associated with the merger for €2,867 million.

Banking & insur BS


Banking & insurance business - Balance sheet
31 Dec. 2022	30 Sept. 2022	Chg. %	31 Dec. 2021	Chg. %
€ million
BALANCE SHEET
Assets	548,046	627,374	(12.6)	632,422	(13.3)
Liabilities	520,274	599,438	(13.2)	604,170	(13.9)
Assigned capital	27,740	27,905	(0.6)	28,221	(1.7)
LOANS AND ADVANCES TO CUSTOMERS
Loans to individuals	166,801	167,806	(0.6)	169,873	(1.8)
Home purchases	124,862	125,771	(0.7)	126,709	(1.5)
Other	41,939	42,035	(0.2)	43,164	(2.8)
of which: Consumer lending	17,788	17,683	0.6	17,218	3.3
Loans to business	146,454	145,912	0.4	136,882	7.0
Corporates and SMEs	141,512	140,914	0.4	131,173	7.9
Real estate developers	4,942	4,998	(1.1)	5,709	(13.4)
Public sector	18,974	19,867	(4.5)	18,689	1.5
Loans and advances to customers, gross	332,229	333,585	(0.4)	325,444	2.1
of which: performing loans	322,694	323,143	(0.1)	313,090	3.1
of which: non-performing loans	9,535	10,442	(8.7)	12,355	(22.8)
Provisions for insolvency risk	(6,877)	(7,010)	(1.9)	(7,689)	(10.6)
Loans and advances to customers, net	325,353	326,575	(0.4)	317,755	2.4
Contingent Liabilities	27,747	26,987	2.8	25,382	9.3
CUSTOMER FUNDS
Customer funds	355,962	359,659	(1.0)	355,628	0.1
Demand deposits	338,333	339,773	(0.4)	330,323	2.4
Time deposits	17,630	19,886	(11.3)	25,306	(30.3)
Insurance contract liabilities	67,467	65,777	2.6	67,376	0.1
of which: Unit Link and other	18,310	18,057	1.4	19,366	(5.5)
Reverse repurchase agreements and other	2,623	2,985	(12.1)	3,315	(20.9)
On-balance sheet funds	426,053	428,421	(0.6)	426,320	(0.1)
Mutual funds, managed accounts and SICAVs	96,009	95,287	0.8	103,632	(7.4)
Pension plans	43,312	43,292	0.0	47,930	(9.6)
Assets under management	139,322	138,579	0.5	151,563	(8.1)
Other accounts	8,104	9,576	(15.4)	6,411	26.4
Total customer funds	573,479	576,575	(0.5)	584,294	(1.9)
ASSET QUALITY
Non-performing loan ratio (%)	2.8 %	3.1 %	(0.3)	3.7 %	(0.9)
Non-performing loan coverage ratio (%)	73 %	67 %	6	62 %	10
OTHER INDICATORS
Customers	18.3	18.4	(0.06)	18.8	(0.54)
Relational individual customers (%)	70.4 %	70.0 %	0.4	0.7	2.5
Employees	40,221	40,041	180	45,284	(5,063)
Branches	4,081	4,126	(45)	4,970	(889)
of which retail	3,818	3,859	(41)	4,615	(797)
ATMs	11,608	11,672	(64)	13,008	(1,400)

Banking & insur P&L qoq PF


Banking & insurance business - Income statement: Quarterly performance PF
€ million	4Q22	3Q22	2Q22	1Q22	4Q21
INCOME STATEMENT
Net interest income	1,895	1,552	1,484	1,435	1,447
Dividend income and share of profit/(loss) of entities accounted for using the equity method	37	84	46	44	57
Net fee and commission income	935	929	953	897	1,017
Trading income	29	60	91	119	87
Income and expense under insurance or reinsurance contracts	235	220	209	202	172
Other operating income and expense	(479)	(89)	(228)	(120)	(470)
Gross income	2,651	2,756	2,554	2,578	2,310
Recurring administrative expenses, depreciation and amortisation	(1,376)	(1,373)	(1,362)	(1,394)	(1,457)
Extraordinary expenses	(15)	(11)	(16)	(8)
Pre-impairment income	1,260	1,372	1,176	1,176	853
Pre-impairment income stripping out extraordinary expenses	1,275	1,383	1,192	1,184	853
Allowances for insolvency risk	(406)	(166)	(141)	(262)	(309)
Other charges to provisions	19	(27)	(44)	(45)	(161)
Gains/(losses) on disposal of assets and others	(13)	(19)	(27)	(9)	(76)
Profit/(loss) before tax	860	1,159	963	860	307
Income tax expense	(249)	(341)	(275)	(224)	(84)
Profit/(loss) after tax	610	818	689	636	223
Profit/(loss) attributable to minority interest and others	0	0	0	1	2
Profit/(loss) attributable to the Group	610	818	688	635	221
INCOME STATEMENT BREAKDOWN
Core Income	3,095	2,775	2,683	2,570	2,686
Banking services, securities and other fees	519	522	553	483	534
Recurring	445	468	486	431	479
Wholesale banking	74	54	67	52	55
Sale of insurance products	74	79	80	87	100
Long-term savings products	342	328	320	328	382
Mutual funds, managed accounts and SICAVs	196	205	197	206	228
Pension plans	82	76	76	76	95
Unit Link and other	64	48	47	46	58
Net fee and commission income	935	929	953	897	1,017
Personnel expenses	(829)	(832)	(832)	(868)	(907)
General expenses	(360)	(353)	(350)	(350)	(374)
Depreciation and amortisation	(186)	(188)	(180)	(176)	(176)
Recurring administrative expenses, depreciation and amortisation	(1,376)	(1,373)	(1,362)	(1,394)	(1,457)
0	0	0	0

Insurance P&L yoy


Insurance activity: Year-on-year performance
2022	2021	Chg. %	4Q22	3Q22	2Q22	1Q22	4Q21
€ million
Net interest income	408	325	25.8	120	102	93	93	84
Dividend income and share of profit/(loss) of entities accounted for using the equity method	200	209	(4.5)	36	79	43	41	36
Net fee and commission income	(84)	(6)	8	(33)	(28)	(31)	43
Trading income	21	7	(1)	(4)	26	1
Income and expense under insurance or reinsurance contracts	863	653	32.3	232	221	209	201	170
Other operating income and expense	(1)	(2)	(56.2)	(0)	0	(2)
Gross income	1,408	1,186	18.7	397	368	313	331	331
Recurring administrative expenses, depreciation and amortisation	(239)	(145)	65.3	(69)	(57)	(54)	(60)	(42)
Extraordinary expenses	(21)	(4)	(7)	(5)	(7)	(2)	(2)
Pre-impairment income	1,147	1,037	10.6	321	306	251	269	287
Pre-impairment income stripping out extraordinary expenses	1,168	1,041	12.2	328	311	258	271	290
Allowances for insolvency risk	1	1
Profit/(loss) before tax	1,148	1,037	10.7	322	306	251	269	287
Income tax expense	(278)	(243)	14.4	(77)	(70)	(62)	(70)	(74)
Profit/(loss) after tax	870	794	9.6	245	236	189	200	213
Profit/(loss) attributable to minority interest and others
Profit/(loss) attributable to the Group	870	794	9.6	245	236	189	200	213
(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 Vida 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.

BPI


BPI
€ million	2022	2021	Chg. %	4Q22	3Q22	2Q22	1Q22	4Q21
INCOME STATEMENT
Net interest income	544	448	21.3	172	139	120	112	113
Dividend income and share of profit/(loss) of entities accounted for using the equity method	29	25	15.7	7	7	10	5	7
Net fee and commission income	296	288	2.6	77	75	73	71	84
Trading income	27	11	(2)	11	9	9
Income and expense under insurance or reinsurance contracts
Other operating income and expense	(38)	(24)	57.4	3	(21)	(19)	4
Gross income	857	748	14.5	257	231	191	178	209
Recurring administrative expenses, depreciation and amortisation	(455)	(444)	2.4	(113)	(116)	(111)	(114)	(104)
Extraordinary expenses	(1)	0
Pre-impairment income	402	303	32.6	143	116	80	64	104
Pre-impairment income stripping out extraordinary expenses	402	304	32.2	143	116	80	64	104
Allowances for insolvency risk	(6)	(40)	(84.1)	(28)	(6)	(6)	34	(35)
Other charges to provisions	(22)	(37)	(39.9)	(16)	(6)	(0)	(21)
Gains/(losses) on disposal of assets and others	(0)	(6)	(98.2)	(1)	1	(7)
Profit/(loss) before tax	374	220	69.8	99	103	74	98	42
Income tax expense	(101)	(53)	90.2	(24)	(30)	(19)	(29)	(10)
Profit/(loss) after tax	272	167	63.2	74	74	55	69	32
Profit/(loss) attributable to minority interest and others	0
Profit/(loss) attributable to the Group	272	167	63.0	74	74	55	69	32
INCOME STATEMENT BREAKDOWN
Core income	868	759	14.2	256	221	203	189	204
Banking services, securities and other fees	177	169	4.9	47	45	44	41	48
Recurring	175	167	4.8	46	45	44	40	48
Wholesale banking	2	2	16.8	1	1	0	0	1
Sale of insurance products	53	55	(3.6)	13	13	13	14	16
Long-term savings products	66	65	1.9	16	16	16	17	20
Mutual funds, managed accounts and SICAVs	36	42	(14.6)	8	9	9	10	13
Pension plans	1	1	(1.2)	0	0	0	0	0
Unit Link and other	29	22	34.2	8	7	7	7	6
Net fee and commission income	296	288	2.6	77	75	73	71	84
Personnel expenses	(241)	(235)	2.9	(68)	(59)	(57)	(58)	(58)
General expenses	(140)	(136)	3.0	(27)	(38)	(37)	(38)	(27)
Depreciation and amortisation	(74)	(74)	(0.3)	(19)	(19)	(18)	(18)	(19)
Recurring administrative expenses, depreciation and amortisation	(455)	(444)	2.4	(113)	(116)	(111)	(114)	(104)
Extraordinary expenses	(1)
OTHER INDICATORS
ROTE stripping out one-off impacts1	9.6 %	5.4 %	4.3	9.6 %	8.2 %	6.8 %	5.7 %	5.4 %
Cost-to-income ratio stripping out extraordinary expenses (12 months)	53.1 %	59.3 %	(6.3)	53.1 %	55.1 %	58.0 %	59.5 %	59.3 %
(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 2021, 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).
€ million	31 Dec. 2022	30 Sept. 2022	Chg. %	31 Dec. 2021	Chg. %
BALANCE SHEET
Assets	38,795	43,478	(10.8)	41,308	(6.1)
Liabilities	36,340	40,540	(10.4)	38,763	(6.3)
Assigned capital	2,455	2,938	(16.4)	2,546	(3.6)
LOANS AND ADVANCES TO CUSTOMERS
Loans to individuals	15,982	15,843	0.9	14,879	7.4
Home purchases	14,183	14,023	1.1	13,083	8.4
Other	1,799	1,819	(1.1)	1,796	0.2
of which: Consumer lending	1,524	1,531	(0.4)	1,498	1.7
Loans to business	11,326	11,217	1.0	10,537	7.5
Public sector	1,786	1,821	(1.9)	2,091	(14.6)
Loans and advances to customers, gross	29,094	28,881	0.7	27,507	5.8
of which: Performing loans	28,531	28,319	0.7	26,882	6.1
of which: Non-performing loans	563	562	0.3	625	(9.9)
Provisions for insolvency risk	(532)	(499)	6.5	(576)	(7.7)
Loans and advances to customers, net	28,563	28,382	0.6	26,931	6.1
Contingent liabilities	2,129	2,070	2.8	1,828	16.5
CUSTOMER FUNDS
Customer funds	30,055	30,098	(0.1)	28,641	4.9
Demand deposits	21,563	21,518	0.2	20,126	7.1
Time deposits	8,492	8,580	(1.0)	8,515	(0.3)
Reverse repurchase agreements and other	8	6	25.4	7	12.3
On-balance sheet funds	30,063	30,104	(0.1)	28,648	4.9
Mutual funds, managed accounts and SICAVs	5,510	5,555	(0.8)	6,457	(14.7)
Assets under management	5,510	5,555	(0.8)	6,457	(14.7)
Other accounts	81	270	(70.0)	572	(85.8)
Total customer funds	35,654	35,929	(0.8)	35,677	(0.1)
Memorandum items
Insurance contracts sold1	4,313	4,165	3.6	4,588	(6.0)
ASSET QUALITY
Non-performing loan ratio (%)	1.9 %	2.0 %	(0.1)	2.3 %	(0.4)
Non-performing loan coverage ratio (%)	92 %	83 %	9	87 %	5
OTHER INDICATORS
Customers	1.9	1.9	0.01	1.8	0.01
Employees	4,404	4,460	(56)	4,478	(74)
Branches	323	335	(12)	347	(24)
of which retail	278	289	(11)	297	(19)
ATMs	1,339	1,375	(36)	1,418	(79)
(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
Proforma
€ million	2022	2021	Chg. %	2021	Chg. %
Net interest income	6	(25)	(25)
Dividend income	156	188	(16.9)	188	(16.9)
Share of profit/(loss) of entities accounted for using the equity method	31	138	(77.7)	138	(77.6)
Net fee and commission income
Trading income	12	17	(26.0)	17	(26.0)
Income and expense under insurance or reinsurance contracts
Other operating income and expense	(7)	(8)	(7.4)	(8)	(7.4)
Gross income	198	310	(36.1)	309	(36.0)
Recurring administrative expenses, depreciation and amortisation	(60)	(62)	(2.9)	(67)	(10.2)
Extraordinary expenses
Pre-impairment income	138	248	(44.4)	242	(43.1)
Pre-impairment income stripping out extraordinary expenses	138	248	(44.4)	242	(43.1)
Allowances for insolvency risk
Other charges to provisions	(9)
Gains/(losses) on disposal of assets and others	(19)	51	51
Profit/(loss) before tax	110	299	(63.1)	293	(62.4)
Income tax expense	12	19	(39.1)	21	(43.7)
Profit/(loss) after tax	122	318	(61.7)	314	(61.2)
Profit/(loss) attributable to minority interest and others
Profit/(loss) attributable to the Group	122	318	(61.7)	314	(61.2)

Corporate Center BS


Corporate centre - Balance sheet
€ million	31 Dec. 2022	30 Sept. 2022	Chg. %	31 Dec. 2021	Chg. %
BALANCE SHEET
Assets	5,394	4,937	9.3	6,305	(14.5)
Investments (Financial assets at fair value with changes in OCI and Investments in JVs and associates) and other1	1,797	2,028	(11.4)	2,176	(17.4)
Cash and cash balances at central banks and other demand deposits	3,597	2,909	23.7	4,129	(12.9)
Liabilities
Intra-group financing and other liabilities	1,358	1,538	(11.7)	1,678	(19.1)
Assigned capital2	4,036	3,399	18.7	4,627	(12.8)
of wich: associated with investees	439	490	(10.5)	498	(11.9)

Corporate Center P&L qoq PF


Corporate centre - Income statement: Quarterly performance PF
€ million	4Q22	3Q22	2Q22	1Q22	4Q21
INCOME STATEMENT
Net interest income	6	(4)	2	2	(1)
Dividend income	30	126	38
Share of profit/(loss) of entities accounted for using the equity method	14	5	10	2	6
Net fee and commission income
Trading income	(10)	3	4	16	2
Income and expense under insurance or reinsurance contracts
Other operating income and expense	(7)
Gross income	40	4	135	19	45
Recurring administrative expenses, depreciation and amortisation	(15)	(16)	(14)	(15)	(16)
Extraordinary expenses
Pre-impairment income	25	(12)	120	4	30
Pre-impairment income stripping out extraordinary expenses	25	(12)	120	4	30
Allowances for insolvency risk
Other charges to provisions	(9)
Gains/(losses) on disposal of assets and others1	(19)	51
Profit/(loss) before tax	(3)	(12)	120	4	81
Income tax expense	7	4	2	(1)	4
Profit/(loss) after tax	4	(7)	122	3	84
Profit/(loss) attributable to minority interest and others
Profit/(loss) attributable to the Group	4	(7)	122	3	84
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. 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.

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CaixaBank SA published this content on 03 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 February 2023 08:12:00 UTC.