Caixa Bank
Caixa Bank held its shareholders' meeting for the first time in Valencia on Friday, following the transfer of the company's headquarters from Barcelona, which the entity approved just half a year ago, just after 1-O, due to the political instability in Catalonia. "It was the best decision, as has been demonstrated," said CaixaBank president Jordi Gual during his speech.
After apologizing for his "improvable pronunciation" in Valencian, Gual stressed that the entity has shown its "resilience" in a very complicated context in which the board of directors "reacted" -with the approval of said transfer- to "protect the legal security and eliminate doubts "about the permanence of CaixaBank within the framework of the European Union.
As for the prospects for this 2018, the president has stressed that they are positive. And this despite the fact that a "moderation of the growth rate" of the Spanish economy is expected up to 2.8%. In any case, he pointed out that there are still pending challenges, such as the creation of employment or the reduction of public and foreign debt. And, in order to also improve the "social cohesion" , Gual has pointed to the need to advance in the reforms in education, justice and pensions.
Regarding the challenges for the banking system, the president of Caixa Bank has recognized that the economic recovery is behind his greater capacity to give credit. The next step, therefore, is to "continue focusing on cost containment and the reduction of unproductive assets, still at high levels despite the efforts of recent years".
In the case of Caixa Bank, Gual has put in value "the extraordinary growth in the last decade, in the middle of the crisis", which would not have been possible "without solvency, liquidity and prudent risk management". For his part, the CEO of Caixa Bank, Gonzalo Gortázar, has also highlighted the record result obtained in the year 2017 , "the highest in history" with 1,684 million euros (representing an increase of 61% ).
Four axes
Caixabank will focus its activity this year on improving profitability by placing it between 9% and 11%, deepening digitalization , increasing the number of clientsand reinforcing the positioning of BPI in Portugal .
The CEO has identified these four priorities that will mark this exercise and has pointed out that CaixaBank has a 40% penetration in customers and is the main entity for most of the clientele, a path he wants to continue to continue offering "a quality service , a differential experience and a relationship based on transparencyand proximity ".
The market share of the offices is 18% - same in ATMs - slightly above the bank's competitors, and digital penetration reaches 33%.
According to Gortázar, "we have the channels" to continue being "close" to the customers, for whom this year it will launch a new mobile application of "open line".
Among the advances in digitalization, has cited the mobility provided by the tablets with which the staff has been equipped, and the transformation of some offices that have been designed to provide a better service in large urban centers.
The CEO has indicated that the entity must be "sufficiently agile" to accompany the change of the digitalization and have the capabilities to overcome its competitors.
Regarding the balance sheet, CaixaBank wants to "remain a benchmark bank" in terms of solvency and liquidity, and will continue with the reduction of problematic assets started in 2013 - it has already reduced by 50% since the worst years of the crisis - with the intention of "have a healthier balance".
Gortázar stressed that this year will be "very important" to continue progressing in BPI, helped by the improvement of the Portuguese economy. "Through BPI we are very well positioned to benefit from this improvement" in the growth of the economy and the reduction of unemployment, he said.
Among the objectives for BPI is to put profitability at 10% in 2010 and improve the efficiency ratio, and for that 2018 "it will be a good year", he said.
All these priorities are framed in a "different" way of doing banking, linked to social action , for which 520 million euros have been budgeted.
In the European environment, the CEO has indicated that it is being more favorable in a more positive economy in a few years of growth that "are helping to heal the wounds of the very hard crisis", so that progress is "in the right direction" .
In the fall of credit , "it seems that the time is approaching bottom" and in the medium term credit growth in the sector, as indicated.
Regarding the interest rates , "the favorable wind still blows a little" but "we hope to have some more support" to improve the profitability of the banking in this part of the business.
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