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Caixabank, which in March closed the 4.3 billion euros
acquisition of Bankia in a defensive deal to better cope with
ultra low interest rates and the coronavirus pandemic, reported
a underlying profit without extraordinary items related to the
merger of 337 million euros ($375.82 million) in the October to
December period.
The figure compares with a profit of 705 million euros in the
same period a year ago when combining with Bankia's operations
on a pro forma basis.
The accounting net profit in the quarter fell 35% to 425 million
euros compared to a 433 million euros net profit expected by
analysts polled by Reuters. Net profit in the same quarter last
year without Bankia stood at 655 million euros.
The lender also said it aimed for a dividend cash pay-out policy
of between 50-60% against 2022 consolidated earnings compared to
a 50% pay-out rate in 2021. It also announced its intention to
implement an open-market share buy-back programme during the
2022 fiscal year.
($1 = 0.8967 euros)
(Reporting by Jesús Aguado, editing by Inti Landauro)
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