CAIXABANK: NEW 2022-2024 STRATEGIC PLAN (ANÁLISIS BANCO SABADELL)
Today, CABK has released its 2024 Strategic Plan, which will assume the following financial targets: +15% CAGR’223-24e in Operating Income (vs. +10% consensus), leveraged on improved revenues (+7% CAGR), as it expects to keep the costs base flat at €~6 Bn as of 2022e. In revenues, in its base-case scenario, the company assumes a gradual rise in the Euribor rate to 1.5% in 2023, with moderate growth expectations in commercial activity (+0.5% CAGR in lending, +2%/+3% in deposits and +3% in long term savings). The plan implies a +8% CAGR in NII (vs. +5% consensus), +2% in fee revenues (+3% consensus) and +11% in insurance revenues (+5% consensus). As a result, the efficiency ratio will improve by ~+10bps to levels of 48% in 2024e (vs. 54% consensus).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.