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Caja de Ahorros y Pensiones de Barcelona Nov 01
Standard & Poors, Nov 2001
Abstract
The ratings on Caja de Ahorros y Pensiones de Barcelona ('la Caixa') continue to reflect the group's robust performance, healthy regulatory capitalization, and sound risk profile. Performance remains characterized by sustained growth in profitability; however, the progression in earnings is increasingly driven by income earned on the group's substantial equity investments, which also weigh on core capitalization. Rapid growth of the branch network has not adversely affected the group's asset quality, the improvement of which has also benefited from a largely buoyant economy in recent years, however. Volume effects resulting from new branch business have contributed to consistent profit growth, which has been particularly enhanced by income earned on equity-accounted investments. These represent an increasingly important source of earnings for...
Companies mentioned in this report are: Caja de Ahorros y Pensiones de Barcelona,VIDA CAIXA, S.A. de Seguros y Reaseguros
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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