CaixaBank (CABK) Q2 2026 earnings summary

Executive summary

• Net income for 2Q26 reached €1,631M, up 10.1% year-over-year, with 1H26 net income at €3,203M, up 9% year-over-year, driven by growth in lending, customer funds, and service revenues.

• Customer base expanded to 20.9 million in Spain and Portugal, with over 1.1 million new customers in Spain in the past year.

• Business volumes rose 7.8% year-over-year to nearly €1.2 trillion, reflecting robust lending and customer fund growth.

• Market share gains across payroll deposits, household deposits, private sector loans, and insurance segments.

• Asset quality improved, with NPL ratio at 1.78% and coverage at 81%.

Financial highlights

• Net interest income for 1H26 was €5.39Bn (+2.0% YoY); service revenues €2.77Bn (+7.4% YoY); total revenues for 2Q26 were €4.211Bn (+4.5% YoY).

• Gross income grew 3.7% to €8.34Bn; operating income up 3.2% to €5.02Bn.

• Customer funds reached €772Bn (+7.6% YoY), with wealth management balances surpassing €300Bn (+13.9% YoY).

• Operating expenses increased 4.3% YoY, keeping the cost-to-income ratio at 39.6%, 18pp below the Euro area peer average.

• Performing loan book grew 8.2% to €398.84Bn, with business, home purchase, and consumer lending segments all showing strong growth.

Outlook and guidance

• FY26 NII expected to exceed €11Bn, with revenues from services projected to grow up to 5%.

• Operating costs anticipated to rise ~4.5% in FY26.

• CoR guidance remains below 0.25% for FY26.

• ROTE ambition for FY26 upgraded to above 18%.

• Cash payout target for 2026 set at 50-60%, with interim dividend for 2026 expected between €961M and €1.28Bn (30–40% of H1 net profit), payable in November.