CaixaBank SA (CABK.MC): Thoughts post conference call

Research evidence excerpt

CaixaBank SA (CABK.MC): Thoughts post conference call

Flash |

29 Jul 2026 05:31:53 ET │ 11 pages

CaixaBank SA (CABK.MC)

Thoughts post conference call

CITI'S TAKE

Buy During the call, management confirmed that commercial momentum, loan

growth and fee income are running ahead of plan. Yet despite a more Price (29 Jul 26 09:24) €12.56

supportive rate outlook, CABK maintained their NII guidance for 2026- Target price €14.00

27E linked to ongoing macro and rates uncertainty. There was no Expected share price return 11.5%

comment on consensus NII expectations for 2027-28E. Expected dividend yield 4.7%

Expected total return 16.2%

Market Cap €87,618M

US$99,770M • Loan growth remains ahead of initial expectations (c.5-6% prior

assumption), and CABK sees growth reaching c.7% YoY by year-end.

Mortgages are expected to finish the year growing by c.4% YoY, consumer

lending close to double-digit growth, and business lending at c.8% (albeit Borja Ramirez SeguraAC

with volatility from CIB business). International corporate lending +44-20-7508-0206

(c.€40bn) remains a relevant contributor to business loans, although borja.ramirez@citi.com

growth should moderate going forward.

Anand Demble

+44-20-7986-4056 • CABK sees customer spread recovering towards the c.300bps level by year-

anand.gopal.demble@citi.com

end. Loan spreads should broadly settle around the previously-discussed

c.150bps area, with current quarterly weakness driven by technical and Andre Nemec

non-recurring factors. +44-20-7986-2889

andre.nemec@citi.com

o Management noted that the reported c.-2bps QoQ decline in loan

yields in 2Q26 was mainly driven by technical effects. Excluding

these, loan yield would have increased by c.1bps QoQ instead.

• NII in 2Q26 included a non-recurrent item slightly below c.-€10mn, largely