CaixaBank Boosts the Mobilization of Sustainable Finance and Reaches €20.99 Billion in the First Half of the Year

The CaixaBank Group reported a net profit of €2.95 billion in the first half of  2025, up 10.3% compared to the same period in 2024 (€2.67 billion). With its new 2025–2027 Strategic  Plan plotting the course forward, the bank’s sound results have been driven by strong growth in activity  and financial strength.  

CaixaBank serves 20.5 million customers through a network of over 4,100 branches in Spain and  Portugal, and manages nearly €660 billion in assets. Its devotion to outstanding customer service,  combined with a unique omni-channel distribution platform, has enabled the bank to achieve high  market shares in Spain, where it has added 360,000 net new customers over the past 12 months.  Notably, 72% of its retail customers hold at least three product families with the entity.  

CaixaBank’s CEO Gonzalo Gortázar stated that “in the first half of the year, our business activity  increased sharply while maintaining our capital strength and reducing non-performing loans.” He added  that “alongside business growth, we are strongly advancing another major pillar of our strategic plan:  the transformation of the Group. This transformation includes adopting new technologies and  developing pioneering initiatives such as the Facilitea portals to sell and rent homes and cars, and the  launch of the Generación + platform, focused on our senior customer segment.”  

Gortázar concluded that “this profitability and our financial strength enable us to continue supporting  families and businesses, as well as the economy as a whole — something especially necessary in a  global environment of greater uncertainty.”  

Robust income statement  

The bank’s earnings performance was impacted by the recognition of income tax on net interest and  fee income. In 2024, the banking levy (€493 million) was recorded entirely in the first quarter, whereas  in 2025, the tax on net interest and fee and commission income is being accrued on a straight-line basis  each quarter (€296 million between January and June). Had it been recorded on a straight-line basis  throughout 2024 (on the basis of €123 million per quarter), profit growth would have been 1%.  

In line with the previous quarter, the income statement reflects the decline in market interest rates, albeit  partially offset by growth in volumes. Net interest income amounted to €5.28 billion between January  and June, down 5.2% compared to the same period in 2024.  

Income from services (wealth management, protection insurance and banking fees) rose by 5.4% to  €2.58 billion. Specifically, wealth management revenues grew by 14.3% (to €973 million) driven by  higher assets under management; banking fees rose by 1.5% (to €1.03 billion) on the back of wholesale  activity; and protection insurance revenues declined slightly (-0.7%, to €575 million).  

Dividend income fell by 40.6% year on year to €58 million, as last year’s results included the dividend  received from Telefónica (the entire stake in Telefónica was sold in the second quarter of 2024).  Meanwhile, attributable profit from equity-accounted entities amounted to €147 million (+21.4%).  

Gross income (total income) amounted to €8.04 billion, up 4.4% year on year, while administrative  expenses, depreciation and amortisation rose 5% to €3.18 billion. As a result, operating income stood  at €4.86 billion at the end of June, up 4% year on year. 

CaixaBank continues to improve its profitability, with ROE (12 months) at 15.7% (15% assuming the  straight-line accrual of the bank levy in 2024), versus 14.4% in June 2024. Meanwhile, the cost-to income ratio (12 months) ended the period at 38.6%.  

Positive business performance and strong commercial drive  

Customer funds totalled €717.65 billion at the end of the first half, up 7.5% year on year, while the  performing loan portfolio grew by 4.8% to €368.57 billion. As a result, business volumes continued to  rise (+6.6% year on year) to reach €1.09 trillion.  

On the funds side, assets under management stood at €188.55 billion, up 9.3%. compared to June  2024. Assets under management in mutual funds, portfolios and SICAVs amounted to €139.12 billion  (+11.8%), while pension plans came to €49.44 billion (+2.7%). On-balance sheet funds rose by 6.7%  to €520.62 billion, driven by positive growth in demand deposits (€370.46 billion, up 8.5%) and  insurance contract liabilities (€82.07 billion, up 4.9%).  

Net subscriptions in mutual funds and savings insurance continued to perform well, having grown by  €11.96 billion over the last 12 months.  

On the lending side, corporate financing remains one of the main drivers of portfolio growth. Loans for  home purchases continue to grow, reflecting the strength of mortgage activity, while consumer credit  maintains its upward trend.  

Between January and June, new lending totalled €43.43 billion, representing a 26.8% increase  compared to the end of the first half of 2024. Specifically, lending to businesses reached €26.97 billion,  up 25.5% versus 30 June 2024. Of the total amount of new production to companies, around 55%  relates to SMEs.  

In mortgages, new production rose by 46.2% to €9.72 billion, with CaixaBank maintaining a strong  commitment to fixed-rate mortgages as a way of to offer customers greater certainty over their monthly  payments. During the first semester of the year, 93% of mortgages have been taken out at a fixed rate.  

Lastly, new consumer production amounted to €6.74 billion at the end of June, 10.4% higher than in  the same period of 2024.  

Financial strength and a lower NPL ratio  

CaixaBank further strengthened the Group’s financial position during the period, made progress in  reducing non-performing loans (now at historically low levels), and maintained both a comfortable  liquidity position and strong capacity for organic capital generation.  

Non-performing loans fell by €649 million in the first half of the year, following active management of  NPLs (including portfolio sales). As a result, the NPL ratio dropped to 2.3% (three tenths of a percentage  point lower than in December 2024). Loan-loss provisions (€6.74 billion) placed the coverage ratio at  70%, up from 69% in December. Moreover, the cost of risk (last 12 months) continued to decline,  reaching 0.24% at the end of the period. 

Meanwhile, total liquid assets amounted to €177.39 billion, and the Group’s Liquidity Coverage Ratio  (LCR) stood at 217%, revealing a comfortable liquidity position well above the minimum requirement of  100%.  

In terms of capital, the Common Equity Tier 1 ratio (CET1) ended June at 12.5%, reflecting the  extraordinary positive impact of +20 basis points (bps) due to the entry into force of the CRR3 (Basel  IV) regulation in January 2025. The change in the CET1 ratio in the first half of the year, excluding the  extraordinary impact of Basel IV, was a positive 7 basis points, with capital generation (+135 bps.)  partially offset by the organic evolution of risk-weighted assets (-50 bps.), plus the forecast dividend  charged to the financial year and the AT1 coupon payment (-79bps). 

The current 2025–2027 Strategic Plan sets an internal CET1 target ratio of between 11.5% and 12.5%,  with an interim target of between 11.5% and 12.25% for 2025. The upper end of this range sets the  threshold for potential extraordinary capital distributions, subject to approval by the ECB and the Board  of Directors. The regulatory CET1 ratio stood at 12.25% as of 30 June, after deducting the excess  capital above the upper limit of the target set for 2025 (€523 million).  

In relation to the shareholder return, the Board of Directors approved a cash payout of between 50%  and 60% of consolidated net profit, to be distributed in two payments: an interim dividend of between  30% and 40% of consolidated net profit for the first half of 2025 (to be paid out in November), and a  final dividend, subject to final approval by the General Shareholders’ Meeting (to be paid in April 2026).  Accordingly, the interim dividend would range between €885 million and €1,181 million, with the final  amount and Board decision to be confirmed in October.  

Meanwhile, the sixth share buyback programme (also totalling €500 million) announced in January was  launched in June.  

Sustainability and social commitment  

One of the three pillars of the Strategic Plan is for CaixaBank to be a benchmark in sustainability. For  this to happen, the 2025–2027 Sustainability Plan targets two key pursuits: moving towards a more  sustainable economy and fostering the economic and social development of people.  

CaixaBank has raised its target for mobilising financing, investment and intermediation aimed at  championing sustainability by setting its sights on €100 billion over the coming three years. In the first  half of the year, resources channelled into sustainable finance totalled €20.99 billion, representing a  62% progress towards the 2025 target.  

As part of its ongoing commitment to supporting the economic and social development of all people,  the bank has launched Generación +, a new range of products designed to respond to the challenges  posed by the increasing life expectancy of the population and provide pension and other welfare  solutions for earlier age groups. 

When it comes to social and financial inclusion, the bank is present in 3,704 municipalities across all of  Spain, with a physical branch, ATM, or mobile branch, 564 more than a year ago. It also has around  400,000 customers with basic payment accounts. CaixaBank also offers a sign language video  interpretation service throughout its branch network, which is aimed at customers with hearing  disabilities.  

On top of this, more than 18,000 people have taken part as volunteers in CaixaBank´s ‘Social Month’  and 2,985 voluntary activities have been organised alongside 1,152 social institutions across all of  Spain, supporting more than 151,000 vulnerable people.  

In terms of support for entrepreneurs, MicroBank, CaixaBank’s social bank, has granted 249,127  microloans in the past 12 months, helping to create more than 31,400 jobs in the process. In the realm  of education and training, a total of 14,365 students have benefited from CaixaBank Dualiza initiatives  to promote dual vocational training.