CAIXY - CaixaBank: The Story Is Intact; Ignore The One-Offs
Caixabank (OTCPK:CAIXY) (OTCPK:CIXPF) reported a EUR196mn net income for the fourth quarter, 45% lower than consensus had expected. However, the miss was driven by several lumpy one-offs, including a EUR119mn accounting charge related to BPI’s business in Angola and a EUR70mn write-off of intangible assets.
Source: Company data
In fact, adjusting for these one-offs, core revenues were better than expected.
NII trends
First off, the group’s NII (Net Interest Income) grew by 1% y/y/ and was flat on a quarterly basis.
Source: Company data
Frankly, that came as a positive surprise,