The head of the banking institution stressed that there are strong possibilities to improve profitability identified in the 2024 plan and increase capital profitability, including a total dividend per share of 0.3919 euros and a share buyback program worth 500 million euros.
At the general shareholders' meeting of CaixaBank, José Ignacio Gueregolzarri, President of the banking entity, announced that the bank is in a stronger, more profitable position and has greater financing capacity, thanks to the implementation of the 2022-2024 Strategic Plan.
CaixaBank appears to be on track to exceed its already ambitious initial targets, improving profitability set in the plan for 2024 and increasing return on capital, including a total dividend per share of €0.3919 and a share buyback program of €500 million, true. According to the words of the leader of the banking institution.
For his part, CEO, Gonzalo Gortazar, emphasized that CaixaBank faced a demanding environment and achieved positive results in 2023 due to the successful integration with Bankia and the normalization of interest rates. These factors have enabled excellent performance in all areas of the business and a significant return to shareholders.
Gortázar also stressed that the bank is starting from an “excellent position of clear business leadership” and, for this reason, faces 2024 “in the best position of the last 15 years.” He also highlighted the bank's market shares, 25% in terms of turnover and 29.3% in terms of long-term savings, and stated that CaixaBank has a “strong balance sheet”.
He added that profitability had reached “more than reasonable levels,” after years of returns that he described as very low. Gortazar explained that the bank's goal is “to continue growth and maintain profitability at appropriate levels to generate value.”
Also according to the CEO of Caixabank, doubtful balances represented 2.7% of the portfolio at the end of last year, a value compared to 6% in 2018, and he added that during 2023 they were reduced “in euros.” He pointed out that non-performing loans stabilized last year, despite “high interest rates and the economic situation that threatens to increase non-performing loans.” Gortázar highlighted the fact that the institution's non-performing loan ratio is lower than the sector average, which is 3.5%: “Being 25% of the sector, this is a really important difference.”
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