The group posted lower-than-expected quarterly results on the back of disappointing fee income generation driven by the impact of adverse market conditions. On the positive side, the credit spread remained unchanged, the performing loan book stabilised, operating expenses were kept under control and asset quality continued to improve, albeit still at a slow pace. Importantly, for the first time, the group was able to dispose of real estate assets at a profit. The comfortable capital position

17 May 2016
Ongoing underlying profitability deterioration, M&A risk

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Ongoing underlying profitability deterioration, M&A risk
CaixaBank SA (CABK:WBO) | 0 0 1.0% | Mkt Cap: 24,117m
- Published:
17 May 2016 -
Author:
David Grinsztajn -
Pages:
3 -
The group posted lower-than-expected quarterly results on the back of disappointing fee income generation driven by the impact of adverse market conditions. On the positive side, the credit spread remained unchanged, the performing loan book stabilised, operating expenses were kept under control and asset quality continued to improve, albeit still at a slow pace. Importantly, for the first time, the group was able to dispose of real estate assets at a profit. The comfortable capital position