CaixaBank Reports €5.9 Billion Profit and Warns of Global Risks from Iran War

CaixaBank reported a net profit of 5,891 million euros for the 2025 financial year and raised its average annual growth target through 2027 from 4% to 6%, as shareholders gathered in Valencia on March 27, 2026 for the bank's ordinary general meeting. Chief executive Gonzalo Gortázar told the meeting that "quite significantly higher growth than expected" had consolidated the entity's financial strength, driven by a boost in commercial activity that helped cushion the effects of falling interest rates. Shareholders approved a total cash dividend for 2025 of 3,499 million euros, equivalent to 0.50 euros gross per share, a 15% increase over the previous year's payout. The bank's share price roughly doubled over the past year, rising from 5.24 euros to 10.45 euros. The meeting took place against the backdrop of a strike called by employees demanding better working conditions, with the CC.OO. union claiming the action affected 90% of workplaces, though the bank did not provide its own participation figures.

Chairman warns Iran war threatens Spain's growth outlook Non-executive chairman Tomás Muniesa used his address to the meeting to deliver a stark assessment of the global economic environment, warning that "the geoeconomic confrontation between powers is the greatest threat to global stability." Muniesa said the conflict in the Middle East had already begun to alter Spain's economic outlook, with CaixaBank Research estimating that the war in Iran could reduce Spain's initial growth forecast by four tenths of a percentage point, bringing it down to 2%. He noted that inflation in Spain had already jumped to 3.3% in the first month of the conflict, according to national statistics. Muniesa described the confrontation between powers as synonymous with "inflation, reduced trade, disruption to supply chains and volatility in financial markets." He added that the security strategy and foreign policy agenda of the United States administration continuously add uncertainty, and that the depth of the economic effects will depend on the duration and evolution of the conflict. „The last five years have been turbulent and the second half of the decade may be similar” — Tomás Muniesa via El Mundo Gortázar, for his part, maintained that the bank's upwardly revised targets for the 2025-2027 period remained intact, citing a "more favorable underlying trend" than originally anticipated.

Five million retirements loom, with only two million replacements Muniesa also devoted a substantial portion of his speech to demographic pressures facing Spain, warning that around five million people are expected to retire in the next decade while only approximately two million young people are projected to enter the labor market, creating a gap of three million workers. He called for flexible retirement policies to guarantee generational replacement and said profiles with higher levels of training would be needed across all sectors, particularly the most specialized ones. „It is unavoidable to raise a calm and reflective debate about the sustainability of pensions and the need to encourage long-term savings” — Tomás Muniesa via 20 minutos Muniesa pointed to immigration as a partial solution, describing it as "a driver of growth and population rejuvenation," while acknowledging that population growth — with Spain approaching 50 million people and forecast to reach 55 million within 15 years — adds pressure on the housing market. He argued that longevity, the labor market, immigration and housing are interrelated factors requiring a global approach and broad political consensus. On Europe, Muniesa was critical of regulatory complexity, stating that "if there is a consensus in the world, it is that Europe is overregulated," while stopping short of calling for the elimination of a regulatory framework altogether.

CaixaBank was founded in 2011 by the Caja de Ahorros y Pensiones de Barcelona, known as "la Caixa," which transferred its banking assets and liabilities to the new entity. The bank expanded significantly through its 2021 merger with Bankia, which brought the Spanish state — through the FROB — in as a shareholder holding 18.1% of the combined entity. The Fundació La Caixa, which channels the bank's social commitments, holds 31.3% of CaixaBank through its investment vehicle Criteria, and relies on the bank's dividends as its primary source of income for social programs. The bank is headquartered in Valencia with operational offices in Barcelona and Madrid.

Revised targets signal confidence despite geopolitical headwinds The meeting approved all resolutions put to a vote, including the re-election of Tomás Muniesa as a proprietary director and of Eduardo Javier Sanchiz as an independent director. Beyond the dividend, the bank outlined its capital distribution policy for 2026, which foresees maintaining a cash payout of between 50% and 60%, including an interim dividend in November of between 30% and 40% of first-half net profit. CaixaBank also plans additional capital distribution from any excess of the CET1 ratio above 12.5%. The bank reported that it reached 20.7 million customers across Spain and Portugal, with total business volume rising 6.9% to 1.108 trillion euros and the healthy loan portfolio growing 7% to 376,182 million euros. Gortázar described CaixaBank's position as one of strength that would allow it to continue supporting the economy, companies and families while reinforcing its social commitment.

CaixaBank strategic plan targets: original vs. revised: Average annual growth target through 2027 (before: 4%, after: 6%); Non-performing loan ratio target (before: 2%, after: 1.75%); Return on tangible equity target (before: 15%, after: above 18%)

Share price (one year ago): 5.24, Share price (current): 10.45