Caixabank Sa Unsp/Adr (CAIXY) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Casabank results presentation for the first quarter of 2026. We are joined today by our CEO, Gonzalo Gortazar, and our CFO, Javier Pano. As usual, we plan to spend about 30 minutes with the presentation and about 45 minutes to an hour with the Q&A. The Q&A is live and you should have received instructions Questions by email on how to participate. Needless to say, at the end of the call, my team and I will be at your full disposal. And without further ado, Gonzalo, the floor is yours. Thank you, Marta. Good morning, everybody. And let's get into substance. So, first quarter of the year, and... We feel quite happy with the way things are progressing, particularly in light of the unstable environment that we have outside of Spain and particularly in the Middle East and its consequences. So you see volume growth, 7% year-on-year. Revenues, you saw... The NII, which is in line with our expectation and our guidance in the quarter, still affected by negative repricing, as we had explained in the last presentation. Very positive figure from services, insurance and fees and commissions, 7.5% year-on-year. Quite remarkable in terms of the speed at which we continue to see asset quality improvement coming down to just below 2% in terms of MPLs and maintaining a very attractive cost of risk, which we see sustainable for quite some time. Good capital creation. We decided to, as in line with our policy, to affect another share by back, which we are Announcing today, return on tangible equity close to 18%, and in fact we are improving our guidance for the year from, as you say, tweaking from around 18% to above 18%, and we'll get into the reasons for that. We reiterate our guidance and... positive spirits about what we're seeing, despite the very concern...