2024 Annual Accounts of FROB and the National Resolution Fund

• FROB reports accounting profit of €2,697,000 thousand in 2024.
• This result is determined by the evolution of CaixaBank’s market capitalisation and the dividends it distributes to BFA.
• For the second consecutive year, FROB received dividends from its investee BFA, amounting to €665,000 thousand charged to BFA’s 2024 results.
• In 2025, as in 2024, there will be no contributions to the Single Resolution Fund (SRF), as it remains at its target level.

Madrid, 10 July 2025. FROB today publishes its annual accounts, as well as the management reports of FROB and the National Resolution Fund (NRF) for financial year 2024.

FROB Annual Accounts

The year closed with accounting profits of €2,697,000 thousand, derived mainly from the positive performance of CaixaBank, both from the increase in the market value of BFA’s stake in the institution (driven by the strong performance of CaixaBank’s share price), and from the dividends received by BFA. Altogether, this resulted in a reversal of the impairment of FROB’s investment in BFA amounting to €2,213,000 thousand in 2024. CaixaBank shares have revalued by 244.7% since the announcement of the merger with Bankia through to year-end 2024.

FROB’s balance sheet at year-end 2024 stood at €9,157,000 thousand, with positive equity of €8,218,000 thousand.

The main movements recorded in the 2024 financial statements compared to the previous year are as follows:

Valuation of investee entities

• In line with accounting standards and as in previous years, FROB has estimated the carrying value of its stake in BFA (100% owned by FROB and, as of 31 December 2024, holding 18.03% of CaixaBank’s shares[1]), taking as reference BFA’s individual net equity per its 2024 annual accounts plus the latent capital gains on BFA’s stake in CaixaBank as at that date, which under applicable standards are not recorded in BFA’s accounts.
• BFA’s individual net equity stood at €5,560,000 thousand as of 31 December 2024, compared to €5,294,000 thousand in 2023. Latent capital gains, arising from the revaluation of BFA’s stake in CaixaBank, amounted to €3,402,000 thousand, of which €1,947,000 thousand relate to 2024. Consequently, at year-end 2024, the carrying value of FROB’s stake in BFA amounted to €8,962,000 thousand. The impact on FROB’s accounts was a reversal of impairment losses of €2,213,000 thousand.
• BFA’s results in 2024, considering its future sustainability, the consistent reduction in reliance on external resources, and its very solid equity position, enabled the distribution of dividends to FROB for the second consecutive year. The total dividend charged to BFA’s 2024 results, amounting to €665,000 thousand, comprised an interim dividend of €155,000 thousand received in November 2024, and a complementary dividend of €510,000 thousand received in May 2025.
• These €665,000 thousand add to the dividend distributed in May 2024 against 2023 results of €335,000 thousand, bringing the total amount effectively recovered by FROB through dividends from the aid injected into the BFA-Bankia Group to €1,000,000 thousand.
• In the context of CaixaBank’s fifth share buyback programme announced on 31 October 2024, BFA undertook a limited sale of CaixaBank shares to keep FROB’s indirect stake stable at 18,1%.
• Regarding Sareb, since 5 April 2022, and under the measures set out in Royal Decree-Law 1/2022, FROB has held a 50.14% stake in the company. With respect to its valuation, FROB had already written down the entire investment in 2019, and the stake continues to be fully impaired, with no impact on the 2024 accounts.

Contingent liabilities from guarantees

• In 2024, the final closure and settlement of the last guarantees granted in entity sales or integrations carried out by FROB was completed. The final cost for FROB of the guarantees granted and paid over the years amounts to €2,055,000 thousand, far below the initial €11,000,000 thousand guaranteed, and unchanged from the estimate reported in 2023.

Net interest income

• Excluding the positive impact of the valuation of BFA, net financial income was €490,000 thousand, derived mainly from dividends received from BFA in 2024, offset by financial expenses from FROB’s liabilities (ESM–State–FROB loan).
• In 2024, the first maturity of the second tranche of the ESM–State–FROB loan was paid, amounting to €932,500 thousand, leaving €932,500 thousand outstanding as of 31 December 2024.

Extraordinary income

• During 2024, extraordinary income of €1,150 thousand was recognised in relation to ongoing legal proceedings. As a result of these actions, amounts effectively recognised by final court judgment in favour of FROB total €303,000 thousand.

Contributions to the SRF 2024

• As reflected in FROB’s management report, following the verification exercise, the Single Resolution Board (SRB) confirmed that the resources of the Single Resolution Fund (SRF) exceeded the target level in both 2024 and 2025, and therefore no contributions were collected in those years.

Annual accounts of the National Resolution Fund

The National Resolution Fund (NRF), managed by FROB, recorded a positive result of €583 thousand in 2024, mainly from finance income. The fund’s equity amounts to €17,200 thousand, arising primarily from the collection of contributions to the NRF made between 2015 and 2024 by the entities subject to it, namely certain investment firms not included in banking groups supervised by the European Central Bank and the Spanish branches of credit institutions and investment firms established outside the European Union.

With regard to contributions to the fund, no contributions were collected for the National Resolution Fund in 2024.

[1] FROB’s indirect stake in CaixaBank through BFA increased from 16.12% to the current 18.1% following the cancellation of shares repurchased under the first four market buy-back programmes carried out by CaixaBank since 2022.