CAIXY Caixabank (PK)

   By Ed Frankl 
 

Caixabank SA shares slumped in early trading Friday after it maintained guidance despite profits being ahead of expectations.

At 0830 GMT shares were down 4.6% to EUR3.38.

The Spanish bank reported third-quarter net profit at 884 million euros ($881 million), 13% ahead of consensus, driven by net interest income and lower provisions.

Net interest income of EUR1.69 billion came in ahead of expectations, and leaves the lender well on track to beat its EUR6.3 billion-EUR6.4 billion NII guidance for the year, Citi analysts said in a research note.

But even with the strong performance, Caixabank provided no update NII guidance in the fourth quarter, the analysts said.

Consensus is already running well ahead of the 2022 NII guidance, Jefferies analysts said in a note.

Shares have also performed strongly in recent months, the Citi analysts add, which could lead to some selloffs.

Write to Ed Frankl at edward.frankl@dowjones.com

(END) Dow Jones Newswires

October 28, 2022 05:00 ET (09:00 GMT)

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