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[Letters]

Letter from the Chairman

2013 has once again been a year of growth. After the takeover of Banco de Valencia, we now serve 13.6 million customers: 27 of every 100 Spaniards are CaixaBank customers, and for almost one in four, we are their main bank. We are therefore making further progress in consolidating our leading position in retail banking and achieving a balance across regions, in line with the objectives defined in our 2011-2014 Strategic Plan.

We have been able to maintain business volume despite the profound restructuring of the financial sector and marked deleveraging. In fact, it has seen an increase in funds, outstripping that of the market, while the decline in lending has been less pronounced than in the market as a whole. We have brought in 6.9% more retail funds: an excellent indication of our customers' faith in our bank.

Our healthy performance is also the fruit of prudent, forward-looking and meticulous management. Despite historically low interest rates, we have managed to boost net interest income, while also significantly containing costs. 

Off the back of our banking activity and also our ability to generate non-recurring gains, CaixaBank achieved a net profit of €503 million in 2013, even after shoring up the balance sheet through allowances and write-downs of €7,501 million.

CaixaBank's financial activity has enabled its core shareholder, ”la Caixa”, to add to the funds generated by its subsidiary Criteria CaixaHolding and provide the ”la Caixa” Foundation (the leading private foundation in Spain and one of the most important in the world) with a budget of €500 million for 2014, for the seventh year running. Our willingness and endeavor to open up opportunities for the most disadvantaged members of society remain the same as they did on day one. 

To close, I would like to extend my sincerest thanks to everyone who has placed their trust in us, and once again contributed to CaixaBank retaining its position as Spain's top bank and made it possible for us to fulfill our underlying mission: our commitment to society.

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[Letters]

Letter from the Chairman

2013 has once again been a year of growth. After the takeover of Banco de Valencia, we now serve 13.6 million customers: 27 of every 100 Spaniards are CaixaBank customers, and for almost one in four, we are their main bank. We are therefore making further progress in consolidating our leading position in retail banking and achieving a balance across regions, in line with the objectives defined in our 2011-2014 Strategic Plan.

We have been able to maintain business volume despite the profound restructuring of the financial sector and marked deleveraging. In fact, it has seen an increase in funds, outstripping that of the market, while the decline in lending has been less pronounced than in the market as a whole. We have brought in 6.9% more retail funds: an excellent indication of our customers' faith in our bank.

Our healthy performance is also the fruit of prudent, forward-looking and meticulous management. Despite historically low interest rates, we have managed to boost net interest income, while also significantly containing costs. 

Off the back of our banking activity and also our ability to generate non-recurring gains, CaixaBank achieved a net profit of €503 million in 2013, even after shoring up the balance sheet through allowances and write-downs of €7,501 million.

CaixaBank's financial activity has enabled its core shareholder, ”la Caixa”, to add to the funds generated by its subsidiary Criteria CaixaHolding and provide the ”la Caixa” Foundation (the leading private foundation in Spain and one of the most important in the world) with a budget of €500 million for 2014, for the seventh year running. Our willingness and endeavor to open up opportunities for the most disadvantaged members of society remain the same as they did on day one. 

To close, I would like to extend my sincerest thanks to everyone who has placed their trust in us, and once again contributed to CaixaBank retaining its position as Spain's top bank and made it possible for us to fulfill our underlying mission: our commitment to society.