The institution demonstrates its robust capacity to generate income

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1 PRESS RELEASE RESULTS FIRST QUARTER 2012 The institution demonstrates its robust capacity to generate income CaixaBank absorbs the entire impact of the financial reforms implemented under Royal Decree-Law 2/2012 in just one quarter and obtains net profit of 48 million euros The institution has seen improvements in all margins, with an increase of 25.3% in net operating income, 10.2% in net interest income and 8.3% in its gross margin Robust generation of income. Net operating income totalled 889 million, up 25.3% on the first quarter of The generation of income and the availability of the general allowance fund, worth 1,835 million, has allowed the institution to absorb the entire allowance figure estimated under the new regulations set out in Royal Decree-Law 2/2012 (2,436 million euros) during the first quarter. Following the impact of this operation CaixaBank Group net profit totalled 48 million euros (-84%). Net interest income up by 10.2%. Net interest income continued the upward trend that began in the second half of 2011, totalling 883 million euros, with growth of 10.2% as compared with the same period last year. Continuing high levels of solvency and increased liquidity. The institution consolidated its solvency with a Core Capital (Basel II) figure of 12.4%. It also increased liquidity, a key element in CaixaBank s strategy, to 29,436 million, 10.6% of total assets. Rigorous risk management and quality assets. Careful advance management of risk and the high quality of the loans portfolio meant that CaixaBank s position remained better than that of the sector in general, with a non-performing loans ratio of 5.25% and allowance coverage of 61%. Agreement for the integration of Banca Cívica: A leading position in Spain. This operation, which remains subject to approval by the governing bodies and regulatory authorities, will result in the creation of Spain s leading financial institution, with assets of 342,000 million, more than 14 million customers and a market share of 14% of deposits, 13.4% of loans and 10.5% of total assets. la Caixa Corporate Communications and External Relations Department Tel: Av. Diagonal, Barcelona

2 Barcelona, 19 April In a complex and volatile economic and financial environment, with strong pressure on margins, increased risk costs and greater capital requirements, CaixaBank has obtained robust results thanks to high levels of commercial business, increasing its market share and maintaining its banking business volumes in a contracting market. During the first quarter of 2012, CaixaBank consolidated its leading position in the retail banking sector and strengthened levels of both liquidity and solvency. The active management of operational margins, business volumes and profitability, along with the margins from its fixed-income portfolio, all combined with a strict cost rationalisation policy has allowed CaixaBank to maintain a strong capacity to generate recurring income, with net operating income totalling 889 million euros, up 25.3% on the same period in The generation of income and the availability of the general allowance fund, which has remained at 1,835 million euros since the end of the 2009 financial year, has allowed the CaixaBank Group to absorb all of its allowance needs, estimated under the new requirements at 2,436 million euros, during the first quarter. Following the impact of this operation, CaixaBank Group net profit totalled 48 million euros (- 84%). CaixaBank, with Isidro Fainé as Chairman and Juan María Nin as Deputy Chairman and Chief Executive Officer, maintained its business volumes over the course of the last quarter (+0.5%), strengthening its high levels of solvency (Core Capital of 12.4%) and significantly increasing liquidity (29,436 million). The first quarter saw further confirmation of the upward trend in net interest income that has continued since last June, with the figure rising to 883 million, an increase of 10.2% on the first quarter of This was achieved in an environment marked by instability in the financial markets, containment of the growth of managed business volumes, strong competition to attract deposits and the increased cost of issues on the wholesale markets. The gross margin figure rose to 1,672 million, up by 8.3%, reflecting the favourable evolution of fees and the realisation of capital gains recorded in results from financial operations. This helped to mitigate the greater amount allocated to the deposit guarantee fund in comparison with the previous financial year. Despite the difficult economic environment, the strength of CaixaBank s investment portfolio, combined with its diversification in the international banking and services areas, resulted in continuing high levels of income from variable income investments, which totalled 163 million, demonstrating CaixaBank s strong capacity to generate recurring income from its portfolio. Net fees increased by 7.8% over this period to 413 million, due to the increase in banking business and the high number of transactions, particularly in the business banking, investment banking, insurance and investment fund segments, with appropriate management of the services offered to customers. Income from financial operations totalled 197 million euros during the first quarter of This basically related to income from exchange rate differences, income from allowance coverage that had been taken out and income generated by the active management of the insurance group s fixed-income portfolio. 2

3 The strict management of cost-containment and rationalisation procedures, along with the impact of the deconsolidation of SegurCaixa Adeslas in June 2011, has brought a 6.2% reduction in recurring operating costs. The efficiency ratio has fallen below 50%, standing at 49.6%, as compared with the 51.5% figure for the same period last year. The strong commercial capacity of the branch network, which allows for the recurring and sustained generation of income, combined with a reduction in costs, resulted in a net operating income figure of 889 million euros, 25.3% up on the same period for the previous year. The sustained capacity to generate results during the first quarter of 2012, combined with the availability of the general allowance fund, which has remained at 1,835 million euros since the end of the 2009 financial year, has allowed the CaixaBank Group to absorb the entire impact that resulted from the application of Royal Decree-Law 2/2012 during the first three months of the year, amounting to a total of 2,436 million euros. Thus, during the first quarter of 2012, losses for the impairment of financial assets and others totalled 960 million euros. This huge effort resulted in an increase in the strength of the balance sheet and will protect future income. Following the impact of these measures, CaixaBank Group net profit totalled 48 million euros, down by 84%. Active management of risk and increased financial strength CaixaBank s non-performing loans ratio stands at 5.25%, and it continued to compare favourably with the average figure for the financial sector as a whole in February (8.16%), thanks to the high quality of its loans portfolio, strict risk management and robust recovery procedures. The allowance coverage ratio stands at 61% (138% if mortgage guarantees are taken into consideration). By segment, the non-performing loans ratio remained at significantly low levels for individuals (1.95%) and businesses (3.93%), if developers are not included. CaixaBank maintains its leading position as regards solvency, with a Core Capital figure of 12.4% under Basel II at the end of the first quarter. This figure demonstrates the Group s excellent level of solvency and the way it compares favourably with the rest of the Spanish financial sector as a whole. As a result, the robustness of the CaixaBank s capital structure will allow it comfortably to comply, from this present moment on, with the greater requirements set out in Basel III, without the need to resort to the transitional period established until The Group s attributable own funds total 17,641 million euros, with a surplus of 6,862 million euros over and above the legally required minimum. The Group s liquidity figure stood at 29,426 million euros as of 31 March 2012, practically all of it immediately accessible, amounting to 10.6% of total assets. This figure has increased by 8,488 million euros during the course of the first quarter of Furthermore, amounts maturing in 2012 total 1,839 million euros. Dependence on the wholesale markets is also very low, a fact that offers the Group a high level of stability and demonstrates its robust capacity for anticipation. Despite the uncertainty and volatility of the fixed-income markets, CaixaBank has demonstrated its capacity to find financing in the institutional markets, with the issue of 1,000 million euros in mortgage bonds with a maturity of 5 years. 3

4 Financing for the real-estate development sector and Royal Decree-Law 2/2012 The CaixaBank property portfolio, the result of its management of the loans portfolio, had a total value on 31 March 2012 of 1,574 million euros net, with coverage of 35.6%. Of the total property handed over, 17% relates to land, with allowance coverage of 59%. CaixaBank s exposure in the property development sector fell by 730 million euros during the first three months of the year (-3.3%) and totalled 21,708 million euros as of March This figure represents approximately 12% of total customer loans. Financing for land accounts for 17.6 % of the property developer portfolio, while ongoing development accounts for 13.2%. The high proportion of financing for finished developments, 61.2%, demonstrates the robustness of the guarantees in the property developer portfolio and allows for rapid transition to subrogation in favour of individual purchasers, particularly seeing as the great majority of developments relate to first homes concentrated in urban areas, mainly in Madrid and Catalonia. The significant amounts of allowance coverage made by CaixaBank mean that the levels required under the regulations have already been met during this first quarter of As a result, allowance coverage for problematic assets associated with financing of the property development sector stood at 40.4% on 31 March 2012, 129% if mortgage guarantees are taken into account (as compared with 25.5% on 31 December 2011, 114% with mortgage guarantees). In addition, part of the impact resulting from Royal Decree-Law 2/2012 relates to the setting aside of a general allowance of 7% for the property development sector portfolio under normal circumstances. Taking this allowance coverage into account, allowance coverage for problematic assets associated with the property development sector on 31 March 2012 amounted to 50% (74% on dubious assets). The la Caixa Group s robust capital position according to the EBA The strength of CaixaBank s solvency is also reflected in the la Caixa Group s robust capital position, as demonstrated by the results obtained from the exercise carried out by the European Banking Authority (EBA) in relation to the recapitalisation needs of systemically important institutions in the European Economic Area. Using data from 30 September 2011, the EBA decided that additional capital requirements for the la Caixa Group amount to just 630 million euros. The la Caixa Group s capacity to generate income means it is able to meet these capital requirements set by the EBA. As of 31 March 2012, the la Caixa Group retained a surplus of 1,800 million euros, equivalent to 10.3% over and above the minimum figure of 9% of risk-weighted assets required by the EBA. More extensive commercial business and increased market shares The Group s great commercial strength, with 26,786 employees, 5,172 branches (the largest network in the Spanish financial system), 7,979 ATMs and a leading position in on-line banking through Línea Abierta (with 7.1 million customers), mobile phone banking (more than 2.5 million customers, the highest number of financial service users in Spain) and electronic banking (10.3 million cards in circulation), means that CaixaBank is showing balanced and high-quality growth in its banking and commercial business, with a market penetration figure of 21% in the personal banking segment. 4

5 The main focus of banking business during this quarter has been the increase in recurring income (+198,400 in managed salaries and pensions) and new personal customers (+327,500 customers). Special efforts have also been made to increase the number of commercial accounts, resulting in the introduction of 13,616 new customers. Finally, insurance business has remained at the levels seen in recent months, with 54,200 new policies being taken out during the first quarter of As a consequence of the above, and thanks to the intense levels of commercial activity, the la Caixa Group has continued to enhance its leading position in the Spanish market, with an increased market share of 15.7% in managed salaries, 13.8% in pension funds, 22.6% in self-employed accounts, 11.1% in mortgages, 11.6% in consumer loans, 15.4% in factoring and confirming, 10.3% in deposits, 12.1% in investment funds, 16.1% in individual pensions and insurance plans and 17.4% in savings plans. During the first quarter, total banking business amounted to 429,509 million (+0.5%), thanks to sustained growth in customer funds and a slight reduction in loans. Total customer funds reached 245,623 million (+1.8%), with careful price management, in addition to the strong increase in pension plans, insurance and investment funds. Investment funds are also continuing to perform well, with managed investment assets of 15,282 million. During the last three years InverCaixa has shown the largest growth in assets of all the main Spanish investment fund managers, and its market share has risen from 6.91% in December 2008 to 12.1% in March The customer loan portfolio stands at 183,886 million, a slight fall of 1.2%, further demonstrating the Group s willingness to show support for its customers personal and business projects. Specialised customer management by business segment CaixaBank retains its goal of consolidating its leading position in the Spanish retail banking sector with the implementation of a specialised model for personal banking, private banking, SME banking, business banking, corporate banking and investment banking that offers services to all of its 10.4 million customers. In Retail Banking, high levels of commercial activity and the institution s commitment to maintaining customer loyalty meant that at the end of March it had managed banking business volumes of approximately 164,000 million euros. In Personal Banking and Private Banking, managed funds in these segments increased by 7% and 6% respectively year-on-year, rising to 65,188 million euros in personal banking and 38,459 million in private banking at the end of March, with particularly positive growth in the arrangement of fixed-term issues, savings plans and structured deposits. In SME Banking, CaixaBank s commitment to offer service to small and medium-sized enterprises, which has earned it a market penetration figure of 34.3% (making it the leader in its sector), has led it to continue expanding its exclusive products and services for businesses with a turnover of between 1 and 9 million euros. At the end of March, managed business volumes totalled 16,327 million euros. 5

6 The Business Banking service, which offers a network of 85 specialist centres and 873 members of staff trained especially to deal with customers in this sector, has seen strong growth in all business areas. The number of managed customers has risen to 33,930, up by 14% as compared with March 2011, and managed funds now total 28,537 million euros, an increase of 4%. The Corporate Banking division has also performed particularly well over the last 12 months, and investments managed through the institution s three specialist centres rose by 8.8%, reaching almost 21,388 million euros by the end of March 2012, offering further proof of CaixaBank s support for its business customers financing requirements. As regards the offer of specialist products and services for SMEs, businesses and corporations, particular mention should be made of the Transactional Banking service, which offers solutions for the recurring management of customer business, with growth in factoring agreements and in confirming services bringing the institution s market share to 15.4%, consolidating its third position in the ranking. In addition, the Investment Banking service, which offers financing solutions for investment projects, saw an increase of 27% in its SME operations portfolio, 19% in energy projects, 14% in infrastructure projects and 9% in corporate financing and acquisitions. Since its creation in 2007, MicroBank has financed 128,203 projects worth a total of million euros. Despite the current economic climate, MicroBank remains the largest supporter of self-employment through the use of micro-credits. According to the study entitled Informe sobre el Impacto Social de los Microcréditos (Report on the Social Impact of Microloans) carried out by the Esade business school, it is estimated that MicroBank has contributed to the creation or consolidation of more than 42,000 jobs since it opened for business. During 2011 it awarded 34,307 loans totalling million euros, thus increasing its portfolio of microloans by 16.7% over the same period in As part of its international expansion plan, CaixaBank has agency offices in London (United Kingdom), Paris (France), Milan (Italy), Stuttgart and Frankfurt (Germany), Istanbul (Turkey), Beijing and Shanghai (China), Delhi (India) and Dubai (UAE). It also operates branches in Warsaw (Poland), Bucharest (Romania) and Casablanca (Morocco), where it was the first Spanish banking institution to open a branch. CaixaBank has a 5.1% holding in Telefónica, 12.8% in Repsol YPF, 5% in BME, 20% in GFInbursa, 30.1% in Banco BPI, 17.1% in The Bank of East Asia, 9.7% in Erste Bank and 20.7% in Boursorama. Agreement for the integration of Banca Cívica The Boards of Directors of Caja de Ahorros y Pensiones de Barcelona, la Caixa, and CaixaBank, agreed on 26 March 2012 to sign an agreement for the integration of Banca Cívica into CaixaBank, through the merger by takeover of Banca Cívica, an operation that will be implemented by offering Banca Cívica s current shareholders a share exchange at the rate of 5 CaixaBank shares for 8 Banca Cívica shares. The merger by takeover will be formally completed after approval has been received from the relevant regulatory bodies, the respective general assemblies of the 4 savings banks that make up Banca Cívica and the General Meetings of Shareholders of both institutions. This operation will create the Spanish banking sector s largest institution, with assets of 342,000 million euros, more than 14 million customers and an average market share in Spain of 14.0% in deposits, 13.4% in customer loans and 10.5% of total assets. 6

7 The integration of Banca Cívica will give rise to synergies from the outset that will bring a total 540 million euros after the third year. Restructuring costs are estimated at around 1,100 million euros net of taxes. The integration of Banca Cívica will not require any public subsidies, nor will it have any cost for the rest of the financial sector thanks to the financial strength of CaixaBank and the adequate risk allowance coverage made by Banca Cívica. Social Projects: Taking care of those who are most in need The la Caixa Group s commitment to the disadvantaged, one of the institution s most identifiable and distinctive features, has acquired even greater importance in the current circumstances. Despite the adverse environment, the institution has maintained the Social Projects budget at 500 million euros for the fifth year running. This makes the la Caixa Social Projects Programme the number one private foundation in Spain and one of the most important in the world. Once again, the priority is to attend to the principal needs of private individuals. In this regard, 66.3% of the budget (331.5 million euros) has been allocated to the development of social and support programmes. Cultural funding will account for 13.8% of the investment (69 million), Science, Research and the Environment will account for 13.52% (67.6 million) and support for education and training will account for the remaining 6.38% (31.9 million euros). Job creation, the fight against poverty and social exclusion, access to proper housing for people in difficulties, support for training and active and healthy ageing for the elderly are just some of the more strategic lines of action taken by the la Caixa Social Project Programme. These are priorities that have already been demonstrated during the first quarter of In the area of job creation and as part of the Incorpora programme, 1,395 people found employment at 895 different companies during the first three months of this year. CaixaProinfancia, the programme that offers assistance to children in circumstances of poverty and social exclusion and that has so far benefited 32,722 children, has awarded 10 million euros in grants during this quarter. With the aim of ensuring access to housing, at the end of 2011 the Social Projects Programme introduced the Alquiler Solidario project. The institution is offering 3,000 flats at a monthly rent of between 85 and 100 euros to some of the lowest paid members of society. The first beneficiaries of this project have already moved into their new homes. Assistance for the terminally ill and their families (2,787 patients and 3,316 family members helped so far this year), the promotion of social cohesion, the fight to combat world hunger (through the formation of a strategic alliance with the FAO) and support for education have also been the focus of attention. As part of this last project, the King and Queen of Spain presented the la Caixa Grants for postgraduate studies at 124 foreign universities at a ceremony held on 14 March, the 30 th time these grants have been awarded. Of particular note in the area of scientific learning is the completion of the second RecerCaixa programme (23 projects afforded the status of excellence in research, with an allocation of 1.5 million euros) and the inauguration of the exhibition entitled Epidemia at CosmoCaixa Barcelona. 7

8 The tenth anniversary of CaixaForum Barcelona (which has seen more than 7 million visitors since it first opened its doors) and the venue s inauguration of exhibitions devoted to Francisco de Goya and Eugène Delacroix have been the most notable events in the cultural calendar. During the first months of this year, la Caixa has once again showed its true raison d être: a commitment to people and to the welfare of the community in which it operates its banking business, underlining this with an exceptional appointment, that of F.C. Barcelona captain and Spanish national team member, Xavi Hernández, as la Caixa Social Projects Ambassador, at a ceremony led by Isidro Fainé, Chairman of la Caixa and the la Caixa Foundation. 8

9 Group CaixaBank CaixaBank Group - Key indicators milion March 2012 March 2011 Change Income statement headings Net interest income % Gross income 1,672 1, % Pre-impairment income % Profit before tax (99.1%) Net Income (84.0%) March 2012 December 2011 Change Balance sheet headings Total assets 277, , % Book value 22,092 20, % Total banking business volume 429, , % Customer loans and advances, gross 183, ,049 (1.2%) Total customer funds 245, , % Efficiency and Profitability (last 12 months) Cost-to-income ratio (total operating expenses / gross income) 49.6% 51.3% (1.7) ROE (attributable profit / average equity) 3.8% 5.2% (1.4) ROA (profit / average total assets) 0.3% 0.4% (0.1) RORWA (profit / risk-weighted assets) 0.8% 0.9% (0.1) ROTE (attributable profit / average tangible equity) 4.6% 6.2% (1.6) Risk management Non-performing loan (NPL) ratio 5.25% 4.90% 0.35 Allowances for non-performing loans 6,237 5, NPL coverage ratio 61% 60% 1 NPL coverage ratio including collateral 138% 137% 1 Foreclosed real-estate assets coverage ratio 36% 36% 0 of which: land coverage 59% 62% (3) Liquidity 29,436 20,948 8,488 Solvency - BIS II Core capital 12.4% 12.5% (0.1) Tier % 12.8% (0.4) Total Tier 13.1% 12.8% 0.3 Eligible capital 17,641 17, Risk Weighted Assets (RWA) 134, ,355 (2,617) Surplus capital 6,862 6, Share information Share price ( /share) (0.876) Market capitalization 11,209 14,573 (3,364) Book value per share ( /share) (0.11) Number of shares outstanding - fully diluted (thousands) 4,414,932 4,064, ,729 Average number of shares outstanding - fully diluted (thousands) 4,069,080 3,964, ,743 Net income attributable per share (EPS) ( per share) (12 months) (0.07) PER (12 months) Banking business and resources (units) Customers (millions) Employees CaixaBank Group 26,786 26,993 (207) Branches 5,172 5,196 (24) ATMs 7,979 8,011 (32) Cards issued (millions) (0.2)

10 Consolidated Profit & Loss Account CaixaBank Group January - March Change million % Financial Income 2,076 1, Financial expenses (1,193) (1,020) 17.0 Net interest income Dividends (11.1) Net fees Other operating revenue and expenses Gross income 1,672 1, Total operating expenses (783) (835) (6.2) Pre-impairment income Losses for the impairment of financial assets and others (960) (373) Profits/losses on disposal of assets and others Pre-tax income (99.1) Income tax 45 (58) Profit for the period (84.0) Non-controlling interest 0 2 Profit attributable to the Group (84.0) 1

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