CaixaBank : Start of the year (even) more favourable than expected
>Outperform recommendation underpinned – target price lifted to € 5.1 (vs € 4.8) - Caixabank released a very solid set of Q1 2023 results with net profit ahead of forecasts at € 688m (+32% vs the consensus) with another compelling underlying operating performance (revenue, costs, cost of risk) and a reassuring trend on the capital. The Q1 2023 publication is the first under the new IFRS 17 accounting standard. Our approach remains positive on the group's fundamentals ...Caixabank is an investment company based in Spain. Co. is involved in investment portfolio management activities across two areas: Services and Financial Business and Insurance. In the services area, Co. provides investment solutions for companies involved in the infrastructure, energy, services and entertainment sectors. In the financial business and insurance area, Co. is engaged in the investments for international banks, insurance and specialist financial services. Co. focuses most of its banking investments in India, China, the U.S., and Central and Eastern Europe with a particular interest in retail banking. Co. is also involved in the disinvestments activities.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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