SummaryCompanies Q3 net profit beats market forecastsNII 2023 growth guidance lifted to 10 bln vs 9.25 blnTargets stable NII performance in 2024MADRID, Oct 27 (Reuters) - Caixabank (CABK.MC) reported third-quarter net profit on Friday which beat forecasts, helped by higher lending income, which the Spanish bank said would rise more than 50% in 2023 compared to 2022.
The bank's net interest income, earnings on loans minus deposit costs, rose 71% year-on-year in the three-months ending Sept. 30 to 2.74 billion euros ($2.89 billion), above the 2.53 billion euros analysts expected.
Against that background, Caixabank revised its 2023 guidance for lending income to equal or above 10 billion euros from previously 9.25 billion euros, implying a rise of more than 50% against an net interest income (NII) of 6.55 billion euros in 2022.
Broker JP Morgan welcome an "impressive" NII performance and revised guidance for lending income though noted that customer deposits were down 1.3% quarter-on-quarter.
Its net profit rose 70% year-on-year to 1.52 billion euros, more than the 1.38 billion euros analysts forecast in a Reuters poll.
Persons:
Caixabank, Morgan, Jesús, Inti Landauro, Simon Cameron, Moore
Organizations:
Thomson
Locations:
MADRID