CaixaBank: Bankia Integration Should Boost ROTE To 12% By 2024

Mar. 18, 2023 11:35 AM ETCaixaBank, S.A. (CAIXY), CIXPFBBVA, SAN


  • CaixaBank is the largest bank in Spain, with the No. 1 position in several of its core divisions.
  • The EPS in 2022 came in above 40 cents per share, and this should grow to in excess of 50 cents by 2024, indicating a forward P/E of 7.
  • CaixaBank uses a 50%-60% payout ratio for its dividends. This results in a current yield of 6.5% (subject to the 19% Spanish dividend withholding tax).
  • The entire European banking sector is cheap. But CaixaBank definitely belongs on my watch list while I wait to see how the current banking crisis plays out.
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Madrid, Spain - July 30, 2022: Steel and glass skyscrapers headquarters the multinational La Caixa in the city of Madrid, Spain.

Jose Miguel Sanchez/iStock Editorial via Getty Images


Although CaixaBank (OTCPK:CAIXY) (OTCPK:CIXPF) isn't the largest Spanish bank, it's the largest bank in Spain. While Santander (SAN) and BBVA (BBVA) are larger, they mainly focus

Share Price Chart

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Key Figures

CaixaBank Investor Relations

Breakdown of Market Share

CaixaBank Investor Relations

Income Statement

CaixaBank Investor Relations

Profit evolution

CaixaBank Investor Relations

CET1 Ratio Evolution

CaixaBank Investor Relations

NPL Evolution

CaixaBank Investor Relations

Breakdown of Loan Book

CaixaBank Investor Relations

LTV Ratio of Residential Mortgages

CaixaBank Investor Relations

2024 Targets

CaixaBank Investor Relations

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We zoom in on capital gains and dividend income in European small-caps
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