Caixabank Sa Unsp/Adr (CAIXY) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Cashabank Results presentation for the first quarter of 2025. We are joined today by our CEO, Gonzalo Gortazar, and our CFO, Javier Pano. In terms of logistics, we plan to spend about 30 minutes with the presentation and 45 minutes to an hour with the Q&A. The Q&A is live and you should have received instructions by email on how to participate. Let me end by saying that my team and I will be at your full disposal after the call. And without further ado, Gonzalo, the floor is yours. Thank you, Marta, and good morning. Good morning, everybody. Quarter has been much stronger than what we expected, I have to say. It's a great start for us into this new three-year plan. And some of the highlights or the key highlights are here on this slide, activity in particular, as you will see through the presentation, is accelerating from a fairly good fourth quarter last year. The first quarter is confirming that trend. Gaining clients, a net gain of 340,000, performing loans up 3% after so many years of deleveraging. Not yet catching up with nominal GDP, but getting closer. Customer funds continue to do very well and our protection business is again double digit growth. So activity, very positive, better than expected. The second area where we are beating expectations is asset quality. Non-performing loans are down and the cost of risk is again lower than what we were expecting. Very good news. What we're seeing today is actually an improvement of trends rather than any worsening at this point, despite all the noise in terms of tariffs, et cetera. The expectations and the reality currently is as positive as it could be. Liquidity and capital, very strong capital in particular, Javier will comment, with a positive impact from Basel IV, and that's leading ...