The six Spanish banks listed on the IBEX 35 closed the first nine months of 2024 with an attributable net profit of 23,656 million euros, which translates into an increase of 19.7% compared to the same period last year, according to the accounts of the entities that Europa Press has compiled.
Banco Santander remained the bank with the highest volume of profits, earning 9,309 million euros, 14.3% more. They are followed by BBVA, with 7,622 million (+27.9%); CaixaBank, with 4,248 million (+16.1%); Banco Sabadell, with 1,295 million (+26%); Bankinter, with 731 million (+6.8%) and Unicaja, with 451 million (+58.2%).
They skyrocket their income at the same time that they demand to eliminate the special tax. For example, the CEO of Santander, Héctor Grisi, justified that “banks already pay enough taxes.” Also, the CEO of Bankinter, Gloria Ortiz, criticized it for being “discriminatory.” This Thursday, the CEO of CaixaBank, Gonzalo Gortázar, criticized the tax because it “enshrines, exaggerates and accelerates discrimination between entities.” He has assured that “it makes no sense” and that it especially harms Caixabank, since it is the largest financial institution in Spain.
Also the two employers’ associations in the sector, CECA and AEB, have once again challenged the tax. They assure that “if it is approved in the announced terms, they do not rule out going to court since some of the unconstitutionality defects of the current tax in force remain.” “It stigmatizes and harms the competitiveness of Spanish banks,” they say in a statement. “It is contrary to the recommendations of international organizations such as the IMF and the ECB, with Spain being the only country that has created an additional tax of these characteristics on the banking margin.”
92,000 million revenues in nine months
The total income (gross margin) of large Spanish banks was 92.2 billion euros between January and September, 10.5% more. Of that figure, net interest income (interest margin) was 68,542 million euros, 8% more.
In the third quarter alone, the profits of the six entities as a whole were 8,367 million euros, 2.8% less than in the second quarter, coinciding with the peak of profitability in the face of the new monetary environment.
By entities, Banco Santander earned 3,250 million, 1.3% more than in the second quarter, while BBVA fell 6%, to 2,627 million euros. CaixaBank earned 1,573 million between July and September, 5.8% less, while Sabadell advanced 4.1%, up to 503 million euros. Bankinter obtained a net profit of 258 million, 5.5% less, while Unicaja contracted 14.7%, up to 157 million.
The gross margin of listed banks was 30,862 million euros in the third quarter, which translates into a decrease of 3.6% compared to the second quarter of the year. Of that figure, the interest margin experienced a drop of 3.8%, to 22,092 million euros.
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