CAIXY - Earnings call transcript Q2 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Edward O'Loghlen

Good morning, and welcome to CaixaBank's financial results presentation for the second quarter of 2021. I hope you and your families are well.

For today's presentation, we are joined by our CEO, Gonzalo Gortazar; and the CFO, Javier Pano. Please note for reporting purposes that this is the first quarter in which Bank is integrated and thus is included in the P&L. And we have provided for comparison purposes, historic P&L figures, which include Bankia restated to CaixaBank presentation standards.

which reminder presenting plan minutes with for session, a around spend after just received Q&A minutes have XX XX for on, that e-mail. to we roughly that instructions Moving via should you to XX let And over to hand the without me it Mr. CEO, further ado, Gortazar.

Gonzalo Gortazar

off. Thank enjoy days, taking attending. off some if you, over morning, the and may I the for and Thanks good few I time you hope anticipate time Eddie, next everybody. And you'll be

go key well million the this cost equates that has into me have highlights, to the you and of stage. base. XX% plan allowed to quarter, Let of the it increase cost target directly points redundancy associated €XXX The know at been Bankia's €XXX for to million, to us from savings cost them agreed. The synergies

objective, I full gone our we're one but which fairly we to why well. expect figures achieve a that we So is that's revenues revising have achievable, XXXX. which Core to think and ambitious clearly think in number, in

You both quarter-on-quarter. year-on-year there, have and the figures

guidance through the estimates first normal XX.X%. particularly Credit We bringing gives so activity, that of going well back among we're Capital cost Clearly, XX%. to on IFRS adjustment, the and well quality, our on you our other are loaded NPLs coming of below both later, points which payout core quickly plenty cost revenues. sort the initial a to excluding estimates very is year-end X% on of risk by be we and policy, XX.X% us and by obviously Obviously, quarter to year-end. And level of below restore down NPLs confidence, of and basis targets, of XX transitional things, that our above as fully see are flat. will entities good to are our levels and stand integration see again, improving satisfactory. of risk below updating

terms we going, fairly are how In of pleased. integration is

of integration a the large of you lot complexity. institutions and work of a is As lot in know, X same market

corporate side, acquiring completed with venture -- early terms progress we that and in to our merchant are merging will managers, also the agreeing On made Global Bankia. we go pension joint have of them. the specialized we Payments, which value asset on business companies have how or payments with was July, businesses a business other into VidaCaixa ahead And specialized Bankia of and moving like consumer where

all network joint branches. in now. has been do side, commercial level CaixaBank can the day X. retail has transactions we terminal so has in that since of the management been rebranded On the Bankia's terms unified retail All everything Obviously,

basically because We fully business units, have are have day we well, the already nature already private integrated the from banking, from of been these, running business CIB network. And different business X. former the integrated they Bankia some though banking has of Even platforms.

fair share. that already been have already really put through it's Protection been some on to for MyBox, sold Bankia We their Senior instance, our from And platform. CaixaBank hence, products has of the and able

work an governance, unified and pleasing this processes, that basis have or it's On appropriate the headquarters, fairly is IT So happening joint integrated to in soon. everything And see teams. is -- unified we on joint the plan. operational

IT, track. on of to will the integrate some year but We is do everything good when We, we work the still have very until have made obviously, progress. end

more redundancy Some details plan. the on

X. X.X%. core I on in X.X% of well. gone I'm them worth impact know equity It's total think its page, -- through from by reading terms highlighting You it's by but repeat to cost the to them measure going on not Tier what's of

a increased slightly by XX%. been have So savings below the cost But XX% increase.

also increase but trade-off rate measure, something when you in for clearly, payback even like have And and comes say, to it's of is would expenses. cost this Again, the general the payback, very from the keep a insurance X.X. a I details look committed synergies. that very related good the you crude personnel this of X.X XX% the there what's at I XX% from to remind savings all what's is versus simple run cost, at a So which a the announced to tangible, business. very that you to obviously synergies additional that we stage is transaction the would revenue the mostly at also down presentation, we though

an discussions So get or It's pending namely pending its have insurance P&L. the agreement Bankia's it our is in terms conclude with partners, partners contribution Mapfre. we to until the and we of insurance

second is Some obviously was affected satisfactory see half, by business really of with a year, X inflows booming months you the details what last levels, year, in billion level. €X.X on it very to pandemic. Xx which compared the the savings that even of also first was though long-term But net production the

happy both predominance and life MyBox business, very is of protection and quite very the quickly. and gaining part that hence, business. risk the boomer a with really we're It's On well nonlife, doing

On in the new there. market mortgage healthy side, we of the is lending, have XX% an increase

year business so second what obviously, well line of half because of say, jump with and XXXX, And on we've I the of big year. precautionary well, first and pandemic, have takes I doing continue achieving far. that well the year was growth last in is activity below that seen it of in thing. activity lending in are the second ICO as We -- funding. good terms our Obviously, be to off, of what we to hence, and of it a loans pretty levels non-ICO positioned the the half we business. conviction have pretty going had are before in been with we're where On improving discipline this lending, the loans we in clearly on good to strict it's Consumer, time a have think my that consumer half pricing extremely is we its expectation, have been taking is but X%

activity less new lending. that some but stability So front, on in

on with XXXX, months Some period almost see is double instant couple in ago. macro can -- the a numbers actually In have data, international XX% the It's to know Checking evolved from in what's until up jump. the actual information has only share. XXXX, obviously of July the below very even month of And spending of and this XX% it was say couple our you well that Spain up market how though the on I card it's of years. the spending follow good same it's It's you also the week, last of happening. still we closely side, very is levels of domestic before this a big the domestic. just below pandemic.

also trends and our PMIs, though being is activity. that's and of in employment. still So tourism long way a sort for The spending different. record -- recovering, international given international has the to important even highs, go

We the employment relevant. are quite in which of basically same at pre-pandemic, level Spain as is

have active looking increase work. for We in an population

And expected. going economy in recovery think clearly I was on, you a have we Spain, path know. what So as for the

comment the is, the terms notably indicative that And business think, increase, you insurance, look of guess, all particularly, most the year-to-date. that on have the I of growth. customer levels. very of part And very comparison on of of obviously, trends just gaining period significant with I which XX.X% this here we're premerger. the our lot last to assets add numbers share funds, In the more which balance column, organic, in high year, more complexity X% to want under be with during and the because a is, this Obviously, the we clearly think, of sheet, at something management, if I highlighted. growth market of I

cetera, been the merger, able high these stage to negotiations, union than part the et customer market. first funds the we've value-added on actually During labor this faster of of the grow

the chart market are the for because growth higher middle €XX.X Now certainly quarter obviously, highlighting particularly the impact the inflows. on It also and year. tends sheet the there's on-balance seasonality. end of be you total, June. period average those of than under fund in page for management Worth see the side, then in the between to billion of at And higher net again the the in the assets and

going very quarters. And actually, the as July is behaving coming help you the from well. market, is in also that know, So fees to

I very again, funds. a tailwind wanted this on strong to savings, So things a insurance €XXX of and support have where just motor now highlight pensions and couple the Long-term we billion fee business our between the here basically of business. for part

customer a very our large part funds. of So

we billion and We disclosure have of quarter, we've the new Article sustainability we in X the our why AUMs, have quite disclosure together assistance think future. €X.X made that something definitely underway the will of regime. suited the more help pioneering sustainability, I for of well committed DNA, already terms out -- agenda. the which here we're Impact we're considered good And the And progress is initiative Net-Zero to to that actually, in and trend position of our as front. make the is some very you best which out be on know, and Banking the extremely joined course. progress in that are due coming making on which and highlighting, not launched during we're Blackrock initiatives with believe in great of all the we I Alliance. it Again, as promising are And the towards or are this

demand obviously, the is corporate side. side, soft the on On lending

You know that well.

then upside I of is the is been here, trends. integration. which you initiatives month noise line is out to have the there look coming strict middle in you business stable the in historical the book positive, Consumer impact been at we that think, the from broadly on of pricing I -- this with, down when page, a June loan discipline And on the If taking. And believe, see quarter, this quite obvious. of you and front. we is there the again, good have see has take economy loan with positive. a significant in And say, book on some I mortgages the you have line given

to have see of year, adjusted on having for I we're how bullish in perceived. next first the depend the that XXXX half that bar, in other quite at or last reduction and the deleveraging, be this respect loss evolves of impact soon see, down, months. book have of continue more is I obviously. credit good but a X the green sense on with quality, are So to with good, EU half think XXXX, to Comparing in of how the NII necessarily least we bit year. core net of this provisions. this first is anticipatory to going not income year, but obviously, are we'll actually, the quite -- but The loan on revenues is funds X but income have very we net bar almost demand you to did insurance the COVID impact of we that year last associated it's in would every front, in trend double. in than cities going fees also loan of a of -- big tale terms in Remember, is up, the And which sort coming month you on of news totally the positive that provisions between the

with synergies by improving. franchise, ratios have All more more I that late balance we good The sheet final on obviously, for the themselves, our that asset March. we some NII, looking a good we capital, impacts. reinstate in increased. to the both then we to fixing and negative real business platform obviously hopefully, and this obviously, be, quality and of our which deducting the merger gives have at think, when traditional have, than So systems soon branch. And rest to but IT And at are, that are share corresponding clients the liquidity anyhow, go profits we payout terms build usual, a numbers incorporates of amount closed where achieve we terms that have then from integrate us, to then other offsetting I overlap XX.X% current the integrated still and year, in in the and of and have, policy, the in then market that we're going through as the year. with we we're of formidable we And XX%. on reinforced we're which both in very confidence June, think ratio efficiency a we think, already anyhow, I these the outlook comments obviously, recently speak capital And have, XX%

stage, this at say to over would hand I and what that's I'll So Javier.

Javier Pano

growth stake by details adjusted by the more are lower deal quite led net from business some revenues core supported items, quarter nicely, insurance, as we on we quarter mainly keep track a the Well, targets, nonrecurring grow the with is morning. good past. charges, to on although would for income. on loan in evolution but loss starting strong have long-term with that our my and I to business. On BPI. BFA, positive and the continue from Well, second of noncore outlook year-end could Gonzalo, side, you, savings recovering of Thank our Okay. the this clearly income the Fees always here in some revenues, impacted affected unchanged, by the Angola this and clearly, the comments that On dividends consolidated remark to as stable I lower core say. NII revenues, the environment, statement

also we then would On know, finally, €XX fund this quarter. slightly of second extraordinary resolution over had an but remark You news. major I charge quarter. dividend costs, ordinary And no an million this the have

are income Other allows reach quarter. that A We M&A into to doing of reduce with, personnel really approximately this M&A above track impact this is below the us restructuring. billion buildup this, adjusted line, comments €XXX our then And the well. also taking that charges are noise on loan net costs levels after it's impact And quarter And charges. on we the as well billion, into have provisions reserves tax tax to some Well, year. that front. for extraordinary mainly clearly, know of lower results It's with this you the on from -- the M&A Portugal. of a the €X.X year. the that well, COVID-XX for €X.X clearly last account present impacts million, post well, the business situation well, few loss guidance

on core NII there. of doing see really basis also and revenues may You quarterly positively performance Good a year-on-year.

together of evolution may with see across, I production core the growth And the the You good XX%, control, income by also I cost year-on-year. into with all operating with would new book positive say, would the operating results higher well. loan up say, segments, this leverage doing

second So quarter positive attributable really also lower evolution, of the net provisions, with million. ending €XX profit

know than only And what here You know at Portugal bit we in the Spain, ratio as also well. is that moratoria Well, NPL is have little in that X.X%. performance have later the loan ending Portugal sound. you a in you

quarter Before a on portfolio of on discuss give The this stable the of can sure entering reinvestment let into later the P&L., I'm trending metrics. we details of also is the this me the yield that you ALCO billion €XX.X Q&A second picture on rest session. of lack down the at opportunities. our

the the by and this side, costs facing that than right-hand may fairly some breakdown exposures lower different split profile. are on would You we say, The maturity remains, see adjustments. after much But before at are funding the would And expecting rolling and half transaction, the you pressure value In see And remember, the the environment on NII, this to yield second during having of of down impacts. say, quarter, I the quarter-on-quarter; we keep may stable, pressuring fair well, is the year-to-date. now also levels evenly the maturities the that important year, between third Obviously, stable change. are fourth approximately year. obviously, I quarter. the wholesale closing

Euribor a impacted side is contrary, positive lending lower a and the mainly. So up clearly, basis the broadly X front NII, basis by say, message the loan on much are the with on book the traction CIB. here mainly see let's But this, mainly is to the also on, yield yields III. that XXX, higher second weight thanks gaining by repricings of of may And points XX fees, repricing it's the up the On more offsetting quarter. down The ALCO back-book basis points, spreads on consumer to TLTRO by points environment. positive top-up and client chart, we impacted XXX margins. wider And and you evolution to right-hand arrival

metric, year-on-year, are up quarter-on-quarter, the like-for-like year-to-date. are X.X% by on we really a We well basis whichever doing

segments. You management asset the year-to-date, breakdown up different will by recurring well, XX% not performing fees. but the it's really And see across is only also that

on details, side obviously, all maintenance say, I right-hand the, you may would et have evolution recovery. fees, This payment monthly having all You cetera, includes, but we clear the chart. that see fees, fees, the a are transactional

a negative but effects, the offering of evolution. Bankia know, you quite see part of quarter. of XXXX for banking, is softer with focus but future are future it's So volatility last may we the insurance more in this this But as And well, picture. extraordinaries pandemic. are a gradual other on a network. the revenues, evolution have accounting gives some distribution, compared to business. evolution, you broader had not as bit this the I one-off. commercial rather the the which slightly rollout also know, And always than well we Wholesale on It's during bodes insurance you good important. us CaixaBank year a chart, the this quarter-on-quarter would the as central a There year On on probably

life on year-on-year evolution risk positive have revenues. We

We year. the of are half for up first the year-on-year

as evolution on said before. and items with of you the we to nonrecurring incentives you quite commercial also know, chart, revenues. remains the quarter, core related side right-hand as business others, And positive, some stable. the are This but well, And I see

I meet be are targets. things. more that not well, I than we as chance say track not pressure you slight this revenue to our so core for now, some On insurance should by undershooting a And NII, costs, and commented, on putting much low-yield Gonzalo And we would on our know. As of guidance remark have That far NII. would compensating on fees environment year. is X%.

year, costs, the negative are, We in that had know part cost well, on growth year. year-to-date. of But with savings the last we you last extraordinary

we are track for for this year. on X% So for cost our guidance

On finally, that on the million the the synergies chart, right-hand €XXX P&L, loss of will side reach charges. phasing you And the cost by XXXX. loan have

The second quarter really low, €XXX million.

risk cost forma pro points at standing a XX Now basis basis. on of

different at see on say day, and the stable, can same of there that later. in I X, the You the are inflows always the Stage loan of outflows. We at book. we our comment of -- place. are pretty although evolution stages end the But the same would

partial of the, reserves periodic provisions COVID-XX €X.X We say, specific second And have the And billion. unused quarter, update. assignment this €XXX has the to model million. stand had now at COVID reserves in let's been this

points. general we know doing You our moratoria less are less to Thus, of is, initially basis terms, for better the guidance cost better Also, year clearly initial expected. XX our well, risk basis that expectations. in than points than this than performing than from XX upgrading

Let's the NPLs. balance move some sheet, to on comments

know You performance. previous I that, slide, as the in good commented

are So we having NPL new not formation materially.

may not we moratoria be XXXX. that the the And more into bulk to The has by pretty the balances So already The of and with going the stable, the before we it's remains little ratio expect is the bit expired. stable NPL as of ratio material. have going come €XXX And a now, the over at this coverage see. below nothing by segments And you breakdown of have this year end sound probably level X%. X.X%. ratio actually, be down XX%. expectation by that growing a million, Clearly, at is to

subordinated with And difficulties to on active and more in The is You of as a performance is I And €X.X when this is billion and X.X% excluding expected before, the TLTRO MREL loan now nonperforming September. side. considering Liquidity MREL, already expired here said probably you details as over good those by or general requirements. calendar moratoria, extremely before numbers I And above X.X% XX% well, MREL unchanged metrics in have above payment of it's our major at comfortable. position extended well and speak have Portugal end book exposure COVID. outstanding, The the outstanding. part at the right-hand billion. stack. with billion. III €X.X OREO the at all €XX would unchanged remark themselves. €XXX on XX, total And liquidity Liquidity billion. and the

in position, having very X successful also. world have the first been investor in the issuances are And green any presence active with this with we access with dividends issuance market at terms francs be year, And We diversifying year social British ESG finally, further pounds with XX%. well, of say, base a cash Swiss and in to bond. target the payout targeting refinancing needs. XXXX of And XX.X%. also I this and half X with capital will would And back, strong normal capital, this,

and Also impacts quarter, we restructuring commenting basis the is in This This impact have a regulatory that XX finalized. of negative been TRIM But This impacts drawdowns from, XX. let's already as negative impact past. view capital have XXX flagged with we been regulatory also points includes are M&A already related. of from to that leads net now have say, this, our been before.

have this taking We have quarter, account the dividend. generation, of XX capital the payout that into we organic catch-up second bps,

accrual So accruing and the it's XX% XX%. that dividend now was at

Some at transitional XXX an result CETX other ample buffer into MDA ratio basis have we On IFRS top of XX.X%. points. that X impacts sound results this into this, that

really you side, M&A be speed. that questions. is to a returns. we the evolution value have the we with are strong full integration been very A position, much. this, would proceeding X in our the for share with per is improving And the have -- clearly. and sheet focus right-hand fairly well, also balance credit synergy each evolution evolution summary, the next we which terms despite we of shifting quality, a our with years, at end that the our in solvency upgrade of ready on Thank redundancy also, thus tangible cost terms other. now than have been say You with much of commenting. risk. may guidance capital book I I sustain our strong this, expectations, neutralized after the And for are Thus, agreed, better by and an what plan And impacts Also positive of initial we targets profitability post-merger,

Edward O'Loghlen

Okay. Thanks, Javier. Gonzalo. Thanks,

move are Let's company and to you you one, with proceed questions the there? Operator, of first caller. the name on including please next. can the Operator,

Alvaro Serrano

And One for over CapEx you you you about, analysis I your point expect flat Gonzalo, about done Javier impacted second requirements, next minus heard Presumably, questions headwinds sort of on Stanley. and up. could you've other that can remaining, is maybe is what improvement. Euribor the to the my existing of I'll NII revenues, you, related margin you are disappointed, liquidity It much it's potentially And would there. core so before increased I actually corporate a down, want share your how to it's But you Euribor that to Morgan if can if mentioned, obviously, working Obviously, how on I loan NII increased growth that the know talk the outlook think, X% any liquidity Two dip don't me. of bottom original few positions any lending, out? going there. of liquidity capital the that thoughts they're clients? mentioned quarters? picks or into sort on -- Alvaro question, questions expect you about pressures maybe expectations. to your significant the and the from it When obviously, And that's be think -- if versus I of us through maybe much left, sort walk concentrate

great. you quantify gen next there? thoughts the opportunity if help with the be potentially And ball, can So your would us, any that funds, for crystal

Javier Pano

observing undershooting less you little decent thing is And would front, that that Yes, SMEs were that ICO have let's pointed the always. new appetite I that but to amount think are here, One NII. of as and general, core do. part have liquidity. chance right quite say loan clients on are, in angles, quite we was which those we our lending, growth. approximately having revenue actually for of out pressure the On slight -- commented -- as for say, lending. on and that we a we we a now say, on now different corporates a I X% guidance, And of you active And remember bit accumulated is

on going be opportunity And in there. the are be are not the to time, great we in even of loan this day, that growth, end still everyone we at affecting. plan it's kind the that We next-generation year. before quarter a situation. corporates of a front. this waiting initially unfortunately, terms not bit, this for year, have little there now or and money even are about we will this that for. And having help thought fourth the companies, would into next that At in least the SMEs the the of, always That's -- that we But more obviously, there there face and opportunity. And is also is It's we probably is are same delay or there. So we advantage at But third signing. details working -- think quarter looking of probably internally take more without of funds probably yet. to

remember consumer quarter other consumer launched had last contrary, the commenting well. really a I large areas On lending, in campaign in lending, we like is terms that of doing

So tractions July and we the quarter ones. have are good well, progressed as been gaining figures

do still extent, of as this, post or pandemic So to uncertain say, midst the but on front, unfortunately let's pandemic I to are in that a well, in can little here, front. And portfolio. I the what slightly that we it's clear we think that on And we of the conservative if may, is view And things. assess really it's this I this the why now more have ALCO timing on would be finally, that bit front.

portfolio. portfolio to face long-term time the portfolio. of that we clearly of So have we situation unfortunately, levels, even And tightest are to we we assessment clearly, negative refraining maturities. a to at a our value. But view, the the is presentation. are details increase size you Also, credit have nominal do inflation the our of And are current build the expectations. expand -- our or We on at it's potential the spreads long-term yields current that face we all over maturities think -- years. It's to -- to offer deals the roll levels. That's recent not at compared portfolio not

this are pain putting term And this were feeling also saying every is on less of pressure. is that Euribor XX-month not front. So okay? down facing unfortunately, basis third I not but points, quarter. a this XX asked that comparison like favorable. the points basis this remember And bit And approximately short because is Euribor. year-on-year the in in also it's the why little of year, about quarter, XX intense you is more is we this mark we the linear, So

have impact. in we minus the where basis and is approximately XX quarter, So we also of points, having this repricing an third situation faced a

X%. all, business, estimating now the depending is So slight are be of we this core negative X% all NII of in that rest -- and why we this a have by fees the situation revenues. of we chance I well minus And on to approximately flagged or where minus the evolution and have on undershooting

Gonzalo Gortazar

on comment may on Obviously, made NII. pressure add, that I If Javier. you

be of lending Javier to Alvaro, there's is But we to on think our bank €XX to as billion. of twice I Spain, investments there credit to comment, this billion be an is think mean going that funds. going where sort -- I analysis, And billion was amount. going the tailwind down of approximately €XX it's macro probably is obvious. important that which think €XX to next-generation said, This bank coming

This to it's our which I impact. fair But mostly And is Javier on years. couple clear, to we'll So associated is 'XX said, that, next that have quite is necessarily and estimate our see. 'XX. obviously, come pressure an but not have this end. to, has the to do Javier to going And and for more. as and we're aiming is get XX%, the to to of say been difficult have NII, we of share

very into positive it remarkable. it You quarter. it but some we'll as business. of in sure change the at let's likely fees asked as on absolutely a that quarter. much certainly, been insurance sure business on there's is does, But trend and to overall And doing where no picture look one-offs because next the shine NII, get quite it's about there's And not very, usually we're Javier, this make I what has make think the be we bottoming I'm

So the comfortable business pressure capacity we're with offset the the to rest have of than over the the income and the statement. with way on time quite is NII more going we

Edward O'Loghlen

operator? to move we the May question, on next

Operator

of Ulargui next The from comes Exane. from question the line Ignacio

Ignacio Ulargui

processes -- gen about the more if I the €XXX being to more on side? other million see get -- to from? savings a have to to you €XXX of thoughts just it's being is think going I or If been of competitors TLTRO? the you the be I've savings deployed. And impact environment delays more One million going next where like delta admin like of whether more your elaborate you how just on start it's see of lending? bit the And is cost questions. on the that in sort you to a more two bit talking sort and to for could on headcount do corporate aggressive savings is, there coming mean or How competitive are internal is. question linked was

Gonzalo Gortazar

the of headquarters, both includes headcount. We savings higher agreed it certainty when and breakdown you'll to really now. is the result difficult and that but did expenses cost the detailed general color of we I the on other tell analysis Hence, would the thing having to you we after transaction. X right now, expenses increase say review I obviously, question, maybe with personnel can of part compare, is do feel it's as Javier... the go And a think after degree and It's which the announced and in that on detailed confident a we provide we not done and front. at savings of months not on the that, quite of looked back -- have everything cost

Javier Pano

Well, question? Yes. what's the sorry,

Ignacio Ulargui

Competitive environment.

Javier Pano

yields. I front-book a has Competitive much been than always. on the we it's recovering are with lending you will corporate It's And not actually, a as say And before. Yes, it yield precisely, saw is the slightly that TLTRO. quarter -- as environment. But it competitive more wider past. well, in

SMEs spreads obviously gradually also of lending that we after terms been tighter In recovering. have yields the equal led or to

could to one is track, TLTRO also, as reach, say, think general as TLTRO intensity the ourselves more in competitive should can for not it's all there are, purposes, benefits. difference think And are I have that industry on is always, this that less the on we say, benchmark the I let's I that III terms, now, So usual compared and let's or more count I for we And say but not segments a confirm much that now always. right track III previous that than the everyone expect to and we quarters. on

So summary the situation. I probably that is of think the

Edward O'Loghlen

one, Can we move please? to the on next

Operator

Francisco question from next The Alantra. of the comes Riquel from line

Francisco Riquel

a question the So first NII. technical question, on

the basis. of impact If NII you fair can please on adjustments on year value the a quantify full

whether a have were contribution. revenues. risk or neutral about NII. second impact And question the You years there positive fading on then fell the coming adjustment going impact. guiding then is not for previously sustainable is accounting the It if And any quarter-on-quarter. the fair insurance The it's that to this of life insurance in the impact is from a seems

one-off a mentioned You impact.

sale insurance can insurance But the please the impact. from quarter-on-quarter. of then this fees stable explain trends you also are the risk underlying quarter-on-quarter. If quantify in any fell case, in life products and And

second of here can you year. update the quarter and this half for the trends If on the

Gonzalo Gortazar

then at Well, on adjustments, slightly Okay. saying we're that the value bit. a little what fading positive remember beginning and fair is I

and -- is then So linear. not But I positive it's this -- this becoming again that so think later.

beyond. life we positive, a been positive maturities had have as underlying that again, XXXX becoming €XX mentioned I -- has business say, incentives, well would for on past, target. is close neutral take On coming it's digits, been doing giving let's guidance before, one X-X. approximately I reach I would this commercial of don't let's think growing track quarters has for liabilities, the around change. risk you little quarter, on adjustment it's business But to of well, XX%. as in years, X.X less number that to you say, double constant it know to as but an then because you know assets figure different and say, of say, Now going bit and we slightly for, I insurance, this as, we But around this than million quarters this but positive, this or been have And line are the and the becoming clearly on then rest to

same. So this bit a you little non-life, read noise in into not of should much it's the quarter-on-quarter. And

you for We synergies. the And those our the that But one have as continues is do quarter, of out because both And This better also in obviously, case, noise have this targeted of in and reaffirm clearly accounting, of coming This impact products. some view. had terms a in I there. and distributing second quarters. the process is our say, have as can we only drivers be before, network were effect. revenue revenue is those, rollout former let's know case. Bankia, risk this that during those but rollout to this also we here the key had non-life mentioned synergies that some obviously, business life non-life, already from We the

Edward O'Loghlen

the Could please? we one, next move on to

Operator

the Peterzens from from comes question line Sofie next of The JPMorgan.

Sofie Peterzens

the synergies. JPMorgan. have I would question from Sofie It's on revenue a

net consider million most will for down at €XXX Or come insurance starting synergy That €XXX revenue be is down will is to the the directed revenue question. coming So for. versus just question kind you're more we Would mean, And [indiscernible] be on roughly possible. How And I don't do which share what I no it synergies? dividends between even €XXX of weakness? share be fee interest you and million see thoughts look buyback. guided the second previously take will from NII of about share which the buybacks your means guide that million, as is guidance, if view weakness is NII for doing think first from into you What's and insurance. revenue synergies. million of your roughly NII potential you of account kind should how income than from €XXX point? my year-on-year, of you is you buybacks? XX% But guiding this

those be So would my two questions.

Gonzalo Gortazar

questions. your to me Sofie, try let answer

synergies performance the of on I from current we we revenues, core to revenues. First think need objectives all, of revenue separate on have

So these are things. X different

our unwind not on really fact, in to to to are in, need insurance in long-term and any Our our the we mostly come way expected material JVs existing this And to They this are revenue year. business or, really make associated happen. savings. synergies them front,

of on the up which not what need business, the that And need the when all reflected €XXX €XX an and front, back is And business, in a At which we the thing revenues was longer which is this thought completed. with But is on look softer million. into focus XXX% that JVs quarter, for right control change increase incorporate the to is and bit it of consequence performance to this way seeing, have we do we're then the Then that of all the at of because -- was transaction the integrated the savings million have revenue today's mark. feel will a rest, question strong months bought believe the So we're a months, Obviously, reality. business, not target And obviously very we a that, business, on just we the has X insurance actually over until July, quantified can we now are And is one made. that what well, onwards very one-offs reflected we've than comfortable about -- this do rather all buying But share than to large going looking we we for stronger pretty we assumptions insurance of the we short-term is happening. that's including just of look systems being me, explained. number, And term. at always stage, But fee a to and we've may to this an generate have will be that of business, did are IT given of do confident Javier just at synergies obviously, now is you quite the some more that all control and bank JVs. integrated live ago. a guidance. as given hence, at sole and Obviously, back to is bit coming. we acquisition cost part part now we the synergy. That's XXXX guidance is this has we been which that there is fairly into honest. a feel synergies, of in here, XXX% know why X a the XXXX, we the synergies not are and the what which be are --

protection, of we ago. months both as come life on back will the IT is -- We and part from want get particular, non-life. were revenue business going synergies, this are or likely X as This the we synergies, or from after X it's business. largest that, are to where the risk on bullish X which But after business certainly buying after because Mapfre both on top the on in to of of and integration -- be

us puts it into next year. So

payout share We a be we of and of the in that to can we ex undertake generation, has But great all share do the and going be be top a outperforming which in we clear. various be of on is what is which capital. are available year With capital forward. this decision made year. lot here. the be is vis-à-vis and of equation we buyback But it's of a want and very of second we on discussing and a going sometime obviously to is sort generate, this part capital any IFRS with obviously more have of ahead levels means. I shareholders And to market us, is And normal That's that what use second the completely will have payout And expectations at a of have capital generate is the distributed to part next case. think do number to sustainable Obviously, ash are to we that we part to on we'll is certainly has we we longer-term we comfortable, a analyzing. vision, going to part be question am, sort to are will X of do but quarter considering obviously buybacks is and to both payout which to the shareholders. open is XX.X% capital The the the right what remunerate time. what of this I tool, policy, in of we and question what our fundamental certainly, present and restore tools of the with the we X, are that toolkit.

Edward O'Loghlen

operator? move Let's next the one, to on

Operator

of Capital. The line from comes next from JB Mishyn question Maksym the

Maksym Mishyn

And second how be you first book with the why is deleveraging in the to if and one change more do of CaixaBank mortgages? the medium best book considering not? years. the BPI. year, question is wondering the then in plan the market on this term? past been in And CaixaBank, Mortgage not, to has strategy now The inside in you perfect performing was and see loan Bankia bit aggressive mortgages long loan a Spain. in is I loan on in probably And the the Spain if the mix

your quite is have stands Could for mistaken, with not ratio operating rationale Tier I'm a high what at explain Portugal? it XX%. franchise. If the Portuguese excess above X you common You capital in equity

Gonzalo Gortazar

the Let market. address mortgage me

that new weight the have the mortgages also we for fixed new most in better our rate completely pushy fixed the has for right, towards and that has mortgages our because very, in market overall would disciplined the production we changed has changed mix there have quite, which and followed of a ourselves. in mix say, I You're market broadly. of of us production I of mortgage, terms and clients also And better rate that offer we in pricing sure think, cases, been and appropriately making is, actually

banks not an are basis of capture have way capture to and a to that I mortgages, our basis ways our presence, have new that have for the as underpricing some It cost being remind quite offering, look expensive clients. pay running size, are originating we the because We is mortgages plenty is way product of stamp on of at the same [indiscernible], at a view, when And to to new means not aggressive. and which is banks you, sort the there looking retain you diverse. mortgages. clients duty, people capturing the obviously, our Everybody, clients points. XX to are is of by more of numbers -- to which close

deduct of the at, being spreads don't product it. spreads the you of where you we selective. profitable honestly, growing have And here profitability the sake to are balance and the tax, for business at and you sheet the compare what of it to is. So you is need But our and markets the in start not grow that look all we're from really you then looking well,

that in we're stock think to change to likely And prepared of terms do loss I result which sort tactical obviously share of And aggressive? that day-to-day have that's we sort be is will some view. going of the we market tactical to not We to of are fundamental because be of So business, value-enhancing Can do more share we to are. of continued of mortgages, Yes. right want have. in where mortgages. but management is we our the

We And to by to we X of the have number. a mortgages. right thing the the doing loan past. to going driven going That not have XX% still economically. mix by be We the leads I think in in had market share are driven be me We're book.

in growing If at production, will and quarters. the book And come to but stock trends, where the obviously, the going an CIB is loan business down, the see coming we're the while mortgages book of likely not consumer the you the new we we to look keep book, see also opportunity. growing

an look increase and well. in the but going is to expectations end XXXX, If on capital. happen going going what's with on GDP year to an so question more also next we're half capital, the like from this predictors at see in capital. year, the there on now on growing we of had from to is most combining back next GDP in year the XX%, growth, you we impact June see front or Obviously, this to less. projections, going most next-generation going to basically working at working be XX%, as we're previous second XX% Alvaro be If that to funds, full, of growth and working to there's The look

on exactly in no the share to Because keep and for So reason the percentage I of done of share as to wasn't and we result on going Tier Portugal generated also say consumer that the retained. decided which happy X reduction mix profits That's the quantify of as that retain it consolidated businesses size it's if but we've in respect and Angola. very you. the has to see other the be wouldn't do are terms higher rationale I of have technically businesses to BPI XXXX dividends, to equity core followed, the that, no of within the surprise to than of recommendation have in was it growing a we has even most -- we're on add to of of will hence, obviously, results loan a X weight areas, to some high BPI, to also there reduced the of And the impact, market. BPI would years, of mortgages. in a of basis. the last is given mortgages. history. and pandemic, a been going ECB, book, from and weight not have appropriate And in XXXX, to market a flow coming able to we're come With because going business a the like likely consumer Hopefully, depend in market we're that

I to payout the we levels the decision that not a it's will of going will of in So of that a It group. have payout decision the is come, obviously, going result today. And equalized due on -- to at likely But policies course, it end forward think for the that be a capital decide is of when those is history. year.

Portugal different if management impact. penalty for between have is that it for or other As difference subject is BFA we currency Valencia, transmissible relevant versus be limitations or would there the particularly upstream is whether having would whether us a no There in places. Spain, different the capital whatever, for freely in capital it not is fortunately, Madrid, be or us retained of Barcelona, in is a like to makes something Angola, or But It and in to at eurozone. Portugal the real is the no capital group. more we Lisbon,

Edward O'Loghlen

on move to we the next Can please? one,

Operator

Sánchez this line of America. Marta And Romero of comes from the question Bank from

Marta Sánchez Romero

and of then this Is it? add collateral. a the you was the Could on is model We fact of on -- X% your the between to crisis rollout your how X% update for follow-up is down far spread on business high have from is X%. market that given share And the would you I and is BPI latter, The you are. much outlook? strategy your it models worried going mean that NPLs not the defining off approvals. your risk for the no on a rates just on provide We've so IRB visibility some you to is another seen of mortgages. that some taper -- provide previous a And line? annuities repossessed or is on IRB that how the your approximately have capital? then mortgage on provide to about you NII, on of where an I still legacy Can a quickly you're first in potentially too what is appetite it's consideration BMN? that contribution year? timing interest outlook one consideration wondering expect in Can question

Gonzalo Gortazar

up the Obviously, X banks. and ratio then Javier me and the is them to and mortgages and and the top in I Spain it or whether Let numbers it's the of And it's know for I hand are you legacies. next market start judge our NPL Spain see ratio our legacy. on NPL to you -- over well. in there public below

we have negative think legacy. I a don't So

to know But year, Again, legacy. outperforming of not NPLs. expectations and increased this certainly, merger continue our because We of we are what have having been market aspect. may we We'll are managing so. on because This they own with level, our Bankia. on again, expectations, the obviously, there, we're affecting have quite reducing don't those new been. do of have production that any the slightly issue happy But

higher our history think all have that if certainly, legacy. most the way it quite with we peers specialization. we're have their the we this, I be thinking was that others banks and legacies And obviously on that their do. certainly position case, happy other dealing would of about a not with are depending But there others differential because are than

decisions move see current classified have of coming Stage into situation. performance. the because into very news economy of some we pay have We that have prudent that this are mortgages And are to as we hopefully, more as the will Stage still X X, taken paying to we recovers. also And good unlikely back

whatsoever So that no on impact front.

continue that annuity a certainly, I stage, think has product I'll we seen It at business consequences. But have Javier us, there. this of say, for because future business, we On our is IRB the to or more but not a models. maybe, to business let Javier, also have update this a growth strong and I elaborate threat simple of is rollout opportunity, fiscal as And product. very NII, implications for on the expand, the you quite as want to to see terms timing growing and in an not

Javier Pano

I off. by that not with is tapering Gonzalo, will Well, Marta. the the -- annuities business, comments business I it's not agree on made a Okay. so

unit it's on well at is a a mix where on yield the of in is challenging, production. know link our this have has in risk of structured that that line, quite there it's amount is very and good an new environment, only offer while have a product But impact Obviously, there unit usually, doing of you between that more you the actually, links you the unit NII. a the product really precisely but So way we Obviously, commercial annuities. may and this see links. investor. But attached has our fee annuity the part

is there production. So new

So portfolio legacy runoff. it's not a like in

the of -- life portfolio approximately average like this current make clear. it's So is XX I the And would to years.

quarter next So -- is that this so on I I our mind. something XXXX. third models, quarter. may for -- it's IRB on to the BMN, in And in almost this BPI, come third quarter, mean, expectation just And sure also have

So And that basis our be final on pending this be points. but that is depending at levels authorized, portfolios impact the still a may are to were cetera. estimating et included positive and amount defined Remember approximately the same on approximately expectation. BPI, the are for of XX models, we BMN

net impacts, a I net, regulatory made compensate As this, we a is already for the this is impacts that slide M&A Obviously, each IRB clear have I on capital, one. which is so from Remember have that comment BMN, X ended. this made which and here disclosed I commenting drawdowns the models on other. positive

that the in CETX of of business, considering of acquiring into of impact million costs. pending XXXX. €XXX also. mainly final with JVs, Global is we results merchant The that already major estimate terms have the with then approximately Payments into rest bps agreements done. we are everything, have, a unknowns, the the well, to positive there We restructuring but JV other transfer are this the Obviously, part of our XX our And

Edward O'Loghlen

Operator, can we have the next one, please?

Operator

Sachs. question the comes Goldman The from Omahen next of Jernej from line

Jernej Omahen

as understood Can positions through were if don't you I I you with reinvest them. follow-up a off, going just ALCO start Javier, you when you correctly, book, said your that question. just roll

It just that to you So it get happens happens? ECB, what did right? or what sits the back deposit I in cash, there? So

Javier Pano

answer yes. Yes. Okay. is The

Jernej Omahen

mean, that the for to go are you threshold And to -- which need at? of curve deploying? I does The change How what approach. start how you duration it to you looking for -- high

Javier Pano

were say, were have, well, know I to that has up you process reversed. look that more then, on that since curve yield we we legs. the would And May, of Well, steepening on a market -- the a -- would

growing so the to view, the are and portfolio. is I be views mentioned I in not -- share in we be market but over this enough So that think with on our current previous we and rolling levels a that attractive may our order question, you no,

is would accumulating little cash some as are, at say, having short-term but we our are pain, I say, waiting So we This a it's a you view. cost, bit.

I start moving. not the that shareholders, in in the interest and our situation the part to if first obviously, also goes know changes in So there. will had strategy the direction Obviously, year, of think of we the

Jernej Omahen

ask I question. secondly, wanted a Okay. then you conceptual And to

they it's Spain So the very where you difficult market outgrow also put to in think in have are obviously shares that Caixa I a But position market leading. the market.

market You pretty you you -- that size, share the the aside. of I products But investment when dynamics much. scale, basically okay, reach that basically, think

going Now it's through a you've well, going your you've targets. cost gone just through increased or merger, you're

you ever You've geographic to eurozone. redefining the without why I within could And around I to move mentioned you of tempted are mix? mean, presence feel country just before capital the much to that eurozone wondering, you the Caixa the -- add was consider friction a

Gonzalo Gortazar

very question. fundamental Jernej, Well, obviously, a

me share. growth -- me in share I one market a let on market despite is very our answer, say that growth Spain before of high despite experience Let

what combination normal market Spain. the we are how higher is we shares now And actually, we than Spain. Bankia. our a market shares growth Spain. on share of throughout after It But had that, terms in we've in where We with throughout that more is distributed have very are not regions seen certain large had of bank balanced market before today

integration. So don't we up certainly Obviously, of are the share. next gaining market X, be XX on difficult, give months to even the though by it's marked idea going

makes going the well share, period. it more as And is asset even but difficult current try. for overall on gain side, very despite it will mentioned, the the management to instance, market we you So

than I plus its am, I in the phase takes -- done, into XX% a is actually on focus Spain on you least Board the right have on scenario and stage, beyond at market, we not but big itself. very organization very very We think, when sure X we all. the increasing wouldn't we numbers eurozone. it don't I up so new that we CIB at busy one I ambitious a that And our I I fundamental and that that, whether what is want to there also is terms certainly, discard with is think one going business But this in I perimeter. And the busy are And be quite, consider not think ask of is merger but we're challenge. making question, better I'm possibility say the and will focus the give to that that the at you be So full of we're a is us. have But think current -- course, and just we're the look for to potential. say, obviously a good that that's of year But agnostic said to actually the enough pushing doing to current likely next would say, we still lot is difficult. sort due in implement is sure following business will I the market. I'm I question, know be but say now say obviously not the to this table going one, legitimate having busy actually of for the that Portugal as that's well, because

These that and very with international we've X cost. the branches years, the marginal us the operated referred Paris. of between companies business business obviously, companies where, Spain, U.K. at for to have do operated clear in or open their us in but Germany operate last additional simple the headquarters and of Over for there have a business has European there's that and areas France headquarters growth Frankfurt London, a sort or then or plenty in where CIB

not it the I been probably is It's grow. increasingly of relevant certainly been It's last to think few will enough that people, the more part visible been for is strategy. but some over years. and continue

train having of source said. great also euros. But a ECB, they as Spain money with in we life have Javier's and and We billions make you corporates billions operating that great business Unfortunately, station. difficult appropriate, doing compete decades No, of deposits et for have our also in at the has are ancillary relationship can obviously the banking, enough. overall left them we funding project it's effectively, makes but only that attractive where in in not that finance, the when cetera, transactional

to know it ambition years cost fact, et that in station years more and the In say, over We're That easy as this, mid, in become, in banking and XX X, think, we're things relevant But term the cetera, see say which is leave fast. in that's for too we'll year not think, notice. the going wholesale Piano, But And after going investment why strategic did us. Piano, eurozone, is going being ago. X more doing X logical very I presence the they obviously, terms gradually, markets, what how this it's I But we reasonable is next asked. it building, what the the could of that point. to CIB I question for year the was develop at long you years.

Edward O'Loghlen

Next question, please?

Operator

comes next Mario question of Ropero Bestinver line from for Securities. Our the

Mario Ropero

of comments mostly consume ICOs you XXXX, this the beyond whatever? a some billion order made foresee us due the or release -- bit you Is that timing date beyond well go €X.X provisions. little think on please it it uncertainties tell to provisions. about the COVID-XX pending pending in question follow-up perhaps a to Just or on around Could or you will

Gonzalo Gortazar

to these things we and large build I better think extent prudent, Obviously, damage we go to XXXX much, to going clearly of much we beyond what have there that upside be And is. gotten to should on provision see. don't Well, and have that I year. it is the need into front. see know well the very get afterwards. We're But this certainly,

not that But actually, I this provisions should when are will certainly I it's clearer but provisions, XXXX able tell or year a month, full during that after scenarios I these their have necessary, amount. question look will XXXX December, real month not September October I these whether are in it you or front. think we on be which see there think be to at next progressively. during is I'm clarity June careful, be in obviously not and I many and or

Edward O'Loghlen

Next question, please?

Operator

Our line next Cobo comes from question from the Generale. of Carlos Societe

Carlos Cobo

the with negotiations Two is the questions break for me. One about Mapfre to up JV.

on to It'd that assessment on a And helpful were your potential I offset what's insurance general that on break other to deal. partners? to was some from final cost that. with And cost your it's You could initially update planning if you wondering allocating that, thought. you see be capital, how more are sales

delivers announced, basis You've more never delivers capital, track with is even than a payout which if Caixa when was than on payout at accumulated wouldn't more the policy. a ratio the count higher record. ratio a over than time, merger have general some really lower and consistent even point XX%, that we But XXX CETX you

XXXX future years. that So the for payout could only should and understand underlying the grow that is XX% we

you more possibilities, In all thinking when you possibility. You've other some already fee like said only are also a doing? looking be where that are But are the at? -- so could Is banks said considering Spanish share or if Would business, specify you a you buyback. that little you are bolt-on acquisitions options bit you be insurance sense, a as see would are that we deals which or possibility asset sectors could income those management?

Gonzalo Gortazar

we now. negotiation. Let me be very on are direct There's things. on Mapfre, an where I don't ongoing two comment want to

get be patient. to will to agreement we due We obviously in an need course, but

be We core we not business what included the contribution that our numbers, acquired. in to from the is have revenue going

are see us will since point The end Vida Mapfre. by as happens. of it or time results terminated terminated agreement was agreement. for was the Mapfre the technically, at of Bankia what We in the But communicated

then is impact neutral. implications, of generous plus obviously, When a unwinding a be generous that you clearly, clearly, It's have to do dividend, implication distribution But -- of will onwards. estimate. purposes. these, about stage. need associated upside But a ordinary of talk some is is payout, may some will the M&A not what 'XX neutral. the Bankia best is and policy because I what what special for we the has going what to front decision will remaining payout, negotiations coming useful with that and there what the agreements is is XX% becomes the overall, that that you don't become need wait. our there The that have has XXXX we impact we or Javier from want last from of said, have And think that you level. upside, this decide all not to to -- the there. detailing see once regulatory total So capital the only. on have will upside be But partnerships be each at of start our are taken for we for leg a we There look my that be share we at what to negotiation decision no we that Clearly, buyback. to the discussions various That's the been become discussion may it's of on

very generation midterm any very levels time capital. projection have results things of that of by excess in do itself We plenty Obviously, consuming. is the But plate. our the the of we on integration over high

and creates intention But for It to for capital of the certainly and any retaining The all zero of no we more only capital going that foresee retain is when hence, to And have those M&A, excess I be We will M&A want discussion benefit. available it. not sake retaining how. intention. shareholders. don't problems activity, made is to than

obviously, also possible. will another those another. the of a buyback increasing option, be and combination obviously is shareholders a dividend made payout And and it is share one is available special So is to

Edward O'Loghlen

on move next the please? we Can to one,

Operator

from of question Our from comes the Gil next line Barclays. Fernando

Fernando Gil

Just a question. follow-up

described million, have the story. basically with cost to because the yet related further mentioned you in you forward that? On on synergies the going same. on Mapfre €XXX Is spending, and agreement is revisited cost commit stay it You this And is is a this it, million that will restructuring additional. afterwards? synergies, XXXX? review and the we you haven't didn't you but see revenue get or I question the €XXX this XXXX, Can reached revision into

Gonzalo Gortazar

Fernando.

ahead Market it on see want and front. On answer synergies. on -- me explaining It's relevant. think, effectively for revenue think second first to going is revenue I'd very One the one. Let is delivery things acceptisism to otherwise, Javier with of very is I things too well time. question, some do we its obviously Mapfre the to its agreement And the we And But this X I can before because this relevant. happen. synergies, known we're is like happen. then further, communicate closing

it at based also So time we on happening. things that already detailed to come. we want It the already analysis. hopefully wanting don't to detailed come very was thought said are the of what announcement. We're with will to We've be be and back

sure to it intellectually both areas. some So very there opportunities businesses. that put in to to give that know want that other when put in we real we we not And but people we but a of agree should detail. happening us that obviously may and tell to further this very is that is terms and a take had has us identified a big time provide because And areas something progress, we're looking make But few well, legs really the let is have together, of not in time case are smoke areas positive. very also happen, feeling that the further close some with is we is also that can also them just past, of appealing, appealing, the obviously, good we me we build we things front, that which quite actually say, just that we bit some more before suggests actually, agreement on you I not intellectually we are some have -- which but just you, discovered at that

will Javier, tell. cost, help time On So restructuring there? can you me

Javier Pano

terms in of capital. million €XXX it's Fernando, absolutely. Yes,

to has related it So with et restructuring. optimization extent, there do, some headquarter also, network or large a branch and to And to cetera. IT, are charges

But the goes. So XX% approximately, it's network, you this, of approximate. into depending this can assume very XXXX, of that be branch it year say, let's and how may optimization XX% beginning the of

please let us have leeway on some front. So that

Edward O'Loghlen

question. X And I last we have believe,

let operator, could please, So you through? that

Operator

Benjie Our line last Jefferies. question Creelan comes the from from of

Benjie Creelan

basically mean questions X answered. been I my all of clarifications. quick Maybe have just

all, of M&A-related is net clear First you've capital drawdown been the finalized.

a be the business, Just that And wondering in any which with Mapfre, negotiations transactions card then announced we equation just BFA this question, see from ongoing on there feeding on should there there €XX of deal about? is amount million that's on beyond is any into the the any that that going thinking was you you've that or update how second update the contribution forward? exiting that stake given quarter, potentially business

Gonzalo Gortazar

partner have if in M&A, is I insurance to a Balearic There's also end there imply It's smaller. increased terms of something have up. with this case, that also we say we where a Islands. [indiscernible]. agreement there, extension the business. I of a And pending on in heard Adeslas obviously didn't we to for us you business size that we That's will the would of non-life different the I think that much also want the payment the have well, then SegurCaixa you is on discussion the the in mention

change in logical at unless very, book financially X group our This This Javier equity in least the returns. very, value come XXXX course. So part which we things. that well. a And respect not which doing very like having business paid with the of something I add, no strategy in else our large are great has XXXX to results is and this ratio. solvency down, this because is good same there is terms due us high can becoming is being also time, very the payout it's there. that our But an is a for of of agreed in capital is same. position attractive would a But terms less is a BFA and to to to -- It obviously reduction, going capital less one The is to At our those business. but of obviously in size our bank. relevant reduction. it's BFA, in reduce financially there's with think position. not the It's change that providing obviously, this and good It's be the position core both

really is So we into a performance, bank problem time, But will the category. we in have right that very solution. for until the to financial this terms be that longer important It's and patient very good patient be valuation patient so rewarded being time by finding also a in when any both Angola, attractive is of comes. and not

Edward O'Loghlen

Okay. wish results you no questions. you some Benjie, more been best, we that. Bye-bye. have and season, host quarter. me if for you let it's time one more you pleasure quarter. I have And all let off think see just after a that, the With thank say next me you And to do

Gonzalo Gortazar

you very thank And much. Bye.

CaixaBank (CAIXY) 1 Aug 212021 Q2 Earnings call transcript