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CaixaBank Q2 profit up 36.1% YOY

CaixaBank SA reported second-quarter profit attributable to the group of €594 million, up 36.1% from €436 million a year ago.

Net interest income rose on a yearly basis to €1.23 billion from €1.20 billion. Net fee and commission income also increased, to €668 million from €664 million.

Gains on financial assets and liabilities and others amounted to €157 million, compared to €134 million a year earlier.

The Spanish lender booked an allowance for insolvency risk of €109 million, down from the year-ago €223 million. Other charges to provisions dropped to €233 million from €393 million.

For the first half, CaixaBank's profit attributable to the group was up 54.6% year over year to €1.30 billion from €839 million.

Return on equity was 8.6% in the first half, compared to 5.4% a year ago.

The group's nonperforming loans stood at €12.71 billion as of June 30, down from €13.70 billion at the end of March and €14.31 billion at 2017-end, with the NPL ratio declining to 5.3% from 5.8% and 6.0%, respectively. The NPL coverage ratio improved to 56% at the end of June from 55% at March-end and 50% at the end of 2017.

The group's fully loaded common equity Tier 1 ratio stood at 11.4% at the end of June, compared to 11.6% at March-end and 11.7% at Dec. 31, 2017.