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    Marta Sánchez Romero • Citi

    Marta Sánchez Romero's questions to CaixaBank SA (CAIXY) leadership

    Marta Sánchez Romero's questions to CaixaBank SA (CAIXY) leadership • Q1 2025

    Question

    Marta Sánchez Romero of Citigroup Inc. inquired about the drivers for Net Interest Income (NII) going forward, including guidance for 2026 and beyond, and sought an update on off-balance sheet DTAs and their impact on capital generation. She also questioned the timing of the approved share buyback.

    Answer

    Javier Pano Riera (executive) reiterated the 2025 NII guidance, noting positive trends in deposit volumes and composition. He projected NII for 2026 to be at or above 2025 levels, and above €11.5 billion in 2027 based on the current yield curve. Regarding DTAs, he confirmed a €3.2 billion off-balance amount and stated the quarterly write-back run rate could continue. On the buyback, he emphasized the company's aim for frequent and recurrent distributions, noting a recent dividend and buyback completion, while retaining discretion on the timing of the next one.

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    Marta Sánchez Romero's questions to CaixaBank SA (CAIXY) leadership • Q2 2024

    Question

    Marta Sanchez Romero from Citigroup Inc. asked for details on the strong deposit growth in Spain, questioning if there were any one-offs, and inquired about the rationale for maintaining a capital buffer seemingly higher than the European average.

    Answer

    CEO Gonzalo Gortázar confirmed the deposit growth was genuine with no one-offs. Regarding capital, he agreed they are comfortable with their buffer and that a final target will be set with the new 3-year plan, but he would be surprised if the new counter-cyclical buffer was fully passed through. CFO Javier Pano guided for mid-single-digit deposit growth for the year and disclosed a public sector deposit balance of circa EUR 20 billion.

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    Marta Sánchez Romero's questions to CaixaBank SA (CAIXY) leadership • Q2 2024

    Question

    Marta Sanchez Romero from Citigroup asked for clarification on the impressive deposit growth in Spain, questioning if there were any extraordinary inflows. She also questioned the rationale for maintaining a higher MDA buffer compared to European peers.

    Answer

    CEO Gonzalo Gortázar confirmed the deposit growth is genuine, driven by a more liquid environment and strong business activity, not one-offs. Regarding the MDA buffer, he agreed the bank feels comfortable but explained the final capital target will be decided in the context of the full three-year strategic plan to be presented in November. CFO Javier Pano added that public sector deposits stood at circa EUR 20 billion and are a key driver of the high percentage of indexed deposits.

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    Marta Sánchez Romero's questions to Banco Santander SA (SAN) leadership

    Marta Sánchez Romero's questions to Banco Santander SA (SAN) leadership • Q1 2025

    Question

    Marta Sánchez Romero asked for the rationale behind a potential spin-off of the U.K. motor finance business and questioned the progress of Openbank in Mexico, including deposit gathering and the competitive landscape.

    Answer

    Executive Hector Blas Grisi Checa explained that managing the motor finance business as a separate, distinctly funded entity is part of a global strategy that allows for easier expansion. Regarding Mexico, he stated the economy is performing well, the credit portfolio is healthy, and Openbank is gaining good momentum with weekly customer growth. He emphasized a focus on organic growth in the region.

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    Marta Sánchez Romero's questions to Banco Santander SA (SAN) leadership • Q1 2024

    Question

    Marta Sánchez Romero of Citigroup Inc. questioned the adequacy of the 12% CET1 target if a 100 bps countercyclical buffer were introduced in Spain, noting it would imply a low MDA buffer. She also asked if the shrinking U.K. bottom line would stabilize and sought clarification on the currency basis for the revenue growth forecast.

    Answer

    CFO José García Cantera clarified that the revenue growth guidance is in constant euros (with Argentina in current euros). CEO Héctor Grisi and Cantera reiterated the bank would end the year with a CET1 ratio of 12.40-12.50% and remain comfortably above 12% post-Basel III, noting any countercyclical buffer would have a one-year implementation lag.

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    Marta Sánchez Romero's questions to Banco Bilbao Vizcaya Argentaria SA (BBVA) leadership

    Marta Sánchez Romero's questions to Banco Bilbao Vizcaya Argentaria SA (BBVA) leadership • Q1 2025

    Question

    Marta Sánchez Romero from Citi questioned the outlook for capital optimization, asking about future generation from risk transfers and the P&L impact. She also sought clarity on the future trajectory for the cost of deposits in Spain and the reasons for its increase in Mexico despite lower rates.

    Answer

    CFO Maria Gomez Bravo indicated that synthetic risk transfers (SRTs) are an ongoing process and to expect a 'good pace' of capital contributions quarterly, without providing a specific target. CEO Onur Genç addressed deposits by shifting focus to Net Interest Margin (NIM), which he expects to see only a very slight decline in Spain. For Mexico, he explained the higher cost of deposits was due to taking in institutional funds, but highlighted that NIM actually increased by 6 basis points and is expected to remain stable.

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    Marta Sánchez Romero's questions to Banco Bilbao Vizcaya Argentaria SA (BBVA) leadership • Q1 2025

    Question

    Marta Sánchez Romero from Citigroup Inc. asked about capital optimization, seeking details on the expected future contribution from risk transfer transactions. She also inquired about the outlook for the cost of deposits in both Spain and Mexico, noting the divergent trends in the quarter.

    Answer

    CFO Maria Gomez Bravo confirmed that synthetic risk transfers (SRTs) are an ongoing process and that there will be a 'good pace' of contributions throughout the year, though she did not provide a specific number. CEO Onur Genç addressed the cost of deposits, emphasizing a focus on Net Interest Margin (NIM) going forward. He noted Spain's NIM is expected to see only a very slight decline, while Mexico's NIM actually increased by 6 bps in the quarter and is expected to remain stable, supported by ALCO strategies.

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