Sunday, February 5

CaixaBank plans to raise mortgage credit by 50% and rules out a new real estate bubble


CaixaBank forecasts increase this year by 50% the granting of mortgages before the evolution of the real estate market, although he rules out that a new bubble is forming like the one that burst in 2008. The president of the entity, José Ignacio Goirigolzarri, and the CEO, Gonzalo Gortázar, They have stressed that there are no signs of alarm despite the evolution of housing prices and rents. The firm estimates that the 12-month Euribor may begin to register positive rates in 2023 and sees a rate hike this year as unlikely. Goirigolzarri and Gortázar have presented this morning in Valencia the results of the entity in 2021 that reflect an adjusted profit of 2,359 million euros without taking into account the extraordinary impacts of the merger with Bankia, which place the attributable profit at 5,226 million euros. Those responsible for CaixaBank have defended the service they provide to the elderly. Goirigolzarri assures that they are working on a plan to improve it, although they have not finalized it.

Gonzalo Gortázar explained that loan defaults across the board are at record lows and in the event that they rebound somewhat due to the expiration of the ICO credits, they would not cause the company great losses. The entity’s delinquency rate is 3.6% and in the worst case scenario it is expected to approach 4% at most. The CEO has stressed that the market expects interest rate hikes “very gradual & rdquor ;. “No increases are expected in 2022 & rdquor ;, he assured. The manager has added that they expect the 12-month Euribor to return to positive rates in 2023. In this context, Gortázar has stated that they believe that they are going to have a significant rebound in mortgage capture in 2022. “We calculate that our mortgage production will to rise this year by 50% & rdquor ;, he highlighted after assuring that they have launched a campaign to attract financing for housing “very good & rdquor ;.

Denies a housing bubble for greater access to credit

The CEO and the president have categorically ruled out that another real estate bubble is forming due to greater access to credit. “The (mortgage) market is very competitive, but the fundamentals of the real estate sector are good. We do not see a real estate bubble& rdquor ;, Gortázar has insisted. José Ignacio Goirigolzarri has added two data to certify that the current situation is healthy, linked to the debt index and the mortgage effort of families. “Household debt over GDP is now 59.8% when in 2008 it was 86%. The debt level has fallen by 26%. The mortgage effort, according to the Bank of Spain, is at 30% when in 2008 it was 52.5%& rdquor ;, has indicated the president of the entity. 70% of the mortgages that CaixaBank is currently granting are at a fixed rate.

“Household debt over GDP is now 59.8% when in 2008 it was 86%. The debt level has fallen by 26%”

Those responsible for CaixaBank have defended the service they provide to the elderly or non-digitalized people is good, although they have promised new measures to improve it. To questions from the press about the recent statements by the Governor of the Bank of Spain, Pablo Hernández de Cos, and the First Vice President of the Government and Minister of Economic Affairs, Nadia Calviño, urging the bank not to neglect this group, Goirgolzarri has declared that it is an issue that “concerns and occupies the entity & rdquor; because they try to give good service to all their customers. “At CaixaBank we have a very powerful offer due to the capillarity of our branches. After the integration with Bankia we have 4,500 branches and the largest ATM fleet in Spain”, the president has sentenced.

Related news

On care for the elderly: “We have a plan that we are not going to reveal so as not to give clues to the competition”

Given the insistence of the press due to the discontent among the elderly, José Ignacio Goirigolzarri stated: “We have a plan that we are not going to reveal so as not to give clues to the competition”. The Governor of the Bank of Spain has met this week with the Valencian retiree Carlos San Juan who has started a campaign to improve banking care for the elderly and later assured that he will ask entities to adopt solutions to improve this relationship . The president of CaixaBank has stressed that when talking about the banking sector, each entity “has very different situations” and attends to these groups in a different way.



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