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CAIXABANK: 1Q’21 RESULTS (ANÁLISIS BANCO SABADELL)

1Q'21 vs 1Q'20 Results
N.I.I.: € 1.191 Bn (-0.7% vs. -0.8% expected and 0.0% expected by the market consensus);
Total Revenues: € 2.063 Bn (+4.0% vs. +4.2% expected and +4.5% expected by the market consensus);
Operating Profit: € 874.0 M (+9.8% vs. +10.0% expected and +11.3% expected by the market consensus);
Net Profit: € 4.786 Bn (+5217.8% vs. +7981.1% expected and +7820.0% expected by the market consensus);
1Q'21 vs 4Q'20 Results
N.I.I.: € 1.191 Bn (-4.9% vs. -5.0% expected and -4.2% expected by the market consensus);
Total Revenues: € 2.063 Bn (-4.0% vs. -3.9% expected and -3.6% expected by the market consensus);
Operating Profit: € 874.0 M (-17.2% vs. -17.0% expected and -16.0% expected by the market consensus);
Net Profit: € 4.786 Bn (+630.7% in 4Q'20 vs. +1.010.4% expected and +988.2% expected by the market consensus);
The 1Q’21 Results are fully in line with our PPP estimates and slightly below those of the consensus (+9.8% vs. 1Q'20 and vs. 11.3% consensus) due to costs (linked to the merger). The CoR saw a positive performance, coming in at 61bps. The bank announced a