Caixabank Sa Unsp/Adr (CAIXY) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and welcome to Cashabank Results presentation for the second quarter and the first half of 2025. As usual, 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 one hour with the Q&A, which, as you know, is live. And after the call, my team and I will be at your full disposal. So, without further ado, Gonzalo, the floor is yours. Thank you, Martha, and good morning, everybody. Second quarter of the year, we see strong performance, and obviously what we are doing as a consequence is improving guidance. I think the highlight is the volume growth. You've seen the numbers. We're gaining clients, performing lows 4.8% year-on-year, deposits 7% up, wealth management, despite the volatility in the markets, up 8%. It's quite remarkable knowing where we're coming from and just reminding you the discussions we had at the time of presenting our plan in November about growth and whether it was feasible or not. What we're seeing is that growth is happening much faster and in a stronger form than we all expected, which is good news. And this is part of a reflection of our improving market share and obviously to a large extent is also a reflection of of the Spanish economy and the Portuguese economy doing very well as we'll discuss later on. I think this is certainly what I like the most. The volume growth is powering revenues as we say but most importantly it's powering revenues not this quarter but in the future so certainly makes us more optimistic about our performance going forward and particularly into the rest of 25 and 26, 27. We're saying we're calling the trough in the NII cycle. We think this is the lowest quarter. Javier will comment on our...