Letter from the Deputy Chairman and C.E.O.

2013 was marked by an upturn in confidence and improved economic forecasts, although pressures on the financial system persisted. In this climate, CaixaBank improved its competitive position and further strengthened its already healthy balance sheet; thereby laying the foundations for efficient, profitable and solvent growth.

The outstanding sales drive resulted in very solid results in a year in which the integration of the technological infrastructures of Banca Cívica and Banco de Valencia was also completed. All this has enabled the bank to reach its Strategic Plan growth targets ahead of schedule and continue to offer shareholders attractive payouts. 

CaixaBank is Spain's leading retail bank, boasting a market share of 14.6% by business volume. It is a priority for the bank to continue to offer an excellent service. We can achieve this through our workforce of over 31,000 professionals and the largest network of branches, ATMs and POS terminals in the Spanish market, offering a flagship electronic, mobile and online banking service, which is at the cutting edge. 

During the year, we gained ground in the market for most retail banking products. We also strengthened capital (Core Capital ratio under Basel II of 12.9%) and  liquidity (€60,762 million, €7,670 million more than in 2012) and we maintained our focus on proactive and efficient risk management (NPL coverage ratio of 61%).

Once again, the bank demonstrated its capacity to generate earnings: gross income climbed to €6,632 million off the back of the banking business's first-rate performance. The Group's structure was also streamlined and further synergies tapped, contributing to efficient cost controls. This enabled us to recognize significant write-downs and provisions. 

The combination of these factors –service quality, innovation, commercial and financial strength and ability to generate income– is clearly the best way of guaranteeing our business' long-term future. 

We will continue working to generate value for our stakeholders and grow while remaining true to our values of leadership, trust and social commitment.