CaixaBank and Bankia believe that they will pass the Competence test on their merger and that they will do so even without restrictions from the supervisor. The president of the Madrid bank, Josà © Ignacio Goirigolzarri, was blunt yesterday in foreseeing that there will be no conditions on the part of the CNMC, considering that the 25% market share that the new group will hold does not pose a risk to competition in the Spanish financial system.
Today he was the CEO of CaixaBank, Gonzalo Gortázar, the one that has been confident that no type of obstacle is put in place – “I don’t see it necessary” – although in any case it has pointed out that the CNMC is sovereign and is conducting an in-depth analysis given the size of the two merged entities. “I think that this operation is not going to restrict competition, and it is even going to make us more capable to compete and not have to abandon populations, be stronger and be able to offer more services and in better conditions”, he has noted.
CaixaBank achieved a profit of 1,381 million euros in 2020, which represents a decline of 19% compared to the previous year, weighed down by the impact of the coronavirus. The entity is the one that has best managed to contain the crisis in the sector so far, despite having had to provision 1,252 million in an extraordinary way to face the potential increase in non-performing loans that the Covid will leave from this year.
The bank, in line with the sector, has presented a strong increase in the volumes of credit granted, driven by the guarantee and liquidity programs granted to companies. Financing to companies shot up 17%, while consumer and private mortgages fell 3.8% and 3.3%, respectively. It is precisely in these two segments where the first increases in non-performing loans, still slight, begin to be reflected, rising to 4.2% in consumption and 3.5% in home purchases. Despite these increases, the group’s delinquency rate has been reduced to 3.3% at the end of the financial year.
“We are very confident having seen that all consumer moratoriums have expired, and the vast majority are up to date with payments. This year we are going to have an impact on the world of SMEs and the self-employed, who are the ones who more are suffering from the pandemic, but it will be contained and absolutely manageable, “he explained Gortázar. In this sense, the chief executive of the Catalan bank has ruled out making additional provisions this year to cover this impact.
The bank has also confirmed the payment of a dividend equal to 15% of your profit, that is to say, two cents per share, below the 30% limit that had been set in the middle of the pandemic. Payment will take place in the second quarter of next year.
CaixaBank warns in its annual report of “a cooling down of the economic recovery” in Europe during the last quarter of 2020, impacted by the increase in coronavirus infections, although it does not believe that this cooling could compromise growth in 2021. Its Chairman , Jordi Gual, has focused on vaccines as the great hope for a comeback and has asked the Government to make a good use of European funds that will come from Europe and I will assign them to undertake the reforms that Spain needs to improve its competitiveness.
“In this country, reforms have always been carried out when the shoe has tightened and there have been difficulties. These should affect the long-term sustainability of pensions, the labor market or the reform of the Public Administration,” he said. alado Gual, who will leave the presidency of the group next March after the absorption of Bankia and the appointment to the position of Goirigolzarri.

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