CaixaBank third-quarter profit rises as net interest income recovers
Net interest income reached €2,796 million, up 2.5% from the second quarter, as lending volumes and fixed-income yields offset higher funding costs.
CaixaBank (CABK), the Spanish universal bank with more than 21 million customers, reported attributable profit of €1,759 million for the third quarter of 2026, up 7.8% from the prior quarter.
Net interest income rose 2.5% quarter on quarter to €2,796 million, as higher lending volumes and rates plus higher fixed-income yields offset higher institutional and retail funding costs, the latter mainly hedges converting to variable rates. Pre-impairment income increased 3.6% to €2,635 million, and the 12-month cost-to-income ratio stood at 39.4%.
Gross loans and advances to customers declined 0.4% quarter on quarter to €404,756 million at 30 September 2026 after a 4.6% rise to €406,233 million at 30 June. Customer funds fell 1.5% to €760,353 million, reversing the 5.2% increase to €771,943 million at the end of June.
Revenues from services rose 0.9% to €1,410 million. Wealth-management revenue increased 4.2% to €578 million and protection insurance 2.8% to €342 million, while banking fees fell 4.0% to €490 million on third-quarter seasonality.
Non-performing loans fell a further €106 million to €7,733 million and the NPL ratio eased 2 bps to 1.76%, with NPL coverage rising 1 pp to 82%. Allowances for insolvency risk increased 7.6% to €266 million, while the 12-month cost of risk stayed at 0.24%.
CET1 held at 12.5%, including a -20 bps one-off from the €500 million eighth buy-back. Total capital slipped 10 bps to 16.7% and MREL to 27.3%; RWAs rose €2,021 million to €253,581 million. The eighth programme had acquired 25.1 million shares for €307.2 million, 61.4% of the cap, by 30 September, versus 11.7 million shares for €135.4 million at 30 June; the board extended the end date to 30 January 2027.
The ECB raised the deposit facility rate to 2.50% in the third quarter, from 2.25% after the June hike. CaixaBank Research now forecasts two further hikes by March 2027 to 3.00%; 12-month Euribor averaged 3.247% at end-September.
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