CaixaBank chief executive Gonzalo Gortázar is convinced that higher eurozone interest rates will outweigh what he admits are growing asset-quality risks associated with stagflation and the war in Ukraine.
“I have a high degree of confidence on that,” he tells Euromoney, referring to his own institution at least. “Higher rates have a major impact on our income statement. We have over €300 billion in zero-cost deposits, and a large part of our balance sheet is in floating-rate loans.”
It appears that investors, and perhaps supervisors, are willing to share Gortázar’s belief that the outlook for Spain’s biggest domestic bank is relatively good.
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