2022 net profit on likeforlike basis up 29.7
Sees NII growing around 30 in 2023
Aims to maintain payout policy of 5060 this year
Sees higher costs in 2023
Shares rise around 3

MADRID, Feb 3 Reuters Spain39;s Caixabank expects higher interest rates to boost its lending income by around 30 this year, it said on Friday after posting better than expected quarterly and annual results, sending its shares around 3 higher.

Spain39;s biggest domestic bank said its net profit last year rose 29.7 on a likeforlike basis to 3.15 billion euros 3.43 billion from 2021, stripping out accounting gains from the acquisition of former rival Bankia.

Analysts had expected a net profit of 3.05 billion euros.

Taking into account the 4.3 billion bad will gain a paper profit made when an asset is bought below its book value from the Bankia takeover in 2021, net profit was down 39.8.

For the fourth quarter, net profit jumped 62 to 688 million euros, beating forecasts of 620 million euros.

Earnings were boosted by strongerthanexpected net interest income NII and lower costs. However, the bank forecast recurring costs would rise to up to 6.4 billion euros in 2023 from 6 billion euros in 2022 in a high inflation scenario.

At 0934 GMT, Caixabank shares were up 2.8, outperforming Spain39;s bluechip Ibex35 index.

While talking to analysts after the results, Caixabank39;s chief financial officer Javier Pano had to leave the room as he was feeling unwell. The company later said he was feeling…