CaixaBank SA reported on Friday a lower profit for the fourth quarter of 2021 due to lower one-off gains compared with the same period a year earlier, and announced a share-buyback program for 2022.
The Spanish bank posted a profit of 425 million euros ($473.7 million) in the fourth quarter compared with a pro-forma profit of EUR705 million for the same quarter a year earlier.
The pro-forma profit accounts for Bankia, whose acquisition by CaixaBank closed in March. Without extraordinary items related to the merger, underlying profit for the fourth quarter of 2021 stood at EUR337 million.
Analysts expected the lender to post a profit of EUR510 million, according to a consensus provided by the bank.
Net interest income, the difference between what banks earn on loans and pay clients for deposits, fell 11% on a pro-forma basis to EUR1.56 billion. Net fees and commissions increased 11% to EUR1.1 billion, the bank said.
CaixaBank declared a dividend of EUR0.1463 a share for 2021, and said that its board plans to increase its payout ratio to between 50% and 60% from the current 50%.
The lender also said it would implement a share-buyback program to bring its CET1 capital ratio–which stood at 13.2% in December–closer to the bank’s target. Details of the program will be announced in the second quarter, it said.