CAIXABANK: 3Q'19 RESULTS (ANÃLISIS BANCO SABADELL)
3Q'19 vs. 3Q'18 ResultsN.I.I.: € 1.242 Bn (+0.2% vs. -0.3% BS(e) and -0.4% consensus);
Total Revenues: € 2.165 Bn (-3.6% vs. -5.4% BS(e) and -5.7% consensus);
Operating Profit: € 976.0 M (-9.8% vs. -14.0% BS(e) and -14.0% consensus);
Net Profit: € 644.0 M (+37.0% vs. +22.6% BS(e) and +20.0% consensus);
3Q'19 vs. 2Q'19 Results
N.I.I.: € 1.242 Bn (+0.1% vs. -0.5% BS(e) and -0.6% consensus);
Total Revenues: € 2.165 Bn (-7.3% vs. -9.0% BS(e) and -9.2% consensus);
Operating Profit: € 976.0 M (+533.8% vs. +504.5% BS(e) and +504.5% consensus);
Net Profit: € 644.0 M (+623.6% in 2Q'19 vs. +547.2% BS(e) and +533.7% consensus);
3Q’19 Net Profit came in at € 646 M (+37% vs. 3Q’18), around +15% above expectations, thanks to better performance in core revenues (+1.2% vs. 3Q’18 and vs. -0.5% BS(e)) and lower costs (+2.3% vs. +2.8% expected). There were no surprises in credit quality, with CoR remaining at ~15bps (in line with expectations and vs. 2019 guidance of
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.
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