The six large Spanish banks, Santander, BBVA, CaixaBank, Sabadell, Bankinter and Unicaja Banco, They earned almost 20.6 billion euros between them until September, which would be a new record and 4.2% more than a year before, according to analysts’ forecasts collected by EFE.
These results, which would total exactly 20,593.7 million euros, would represent a new boost for the sector, currently pending BBVA’s takeover bid for Banco Sabadell, which could take new steps in the coming months when the Spanish competition supervisors (CNMC) and markets (CNMV) issue their reports.
The accounts, which include the payment of almost 1,500 million euros of the extraordinary tax devised by the Government for banks and electricity companies, will also most likely suffer from the fall in interest rates in the euro zone, in the form of lower income, especially due to variable loans and mortgages whose installments have been reviewed, some semi-annually and others annually.
In the first half of the year, these same entities obtained a joint profit of 15,287 million euros, 28% more and also a record, to which should be added the 5,306 million earned in the stagnant third quarter, according to the calculations of the analysts consulted.
Of that amount, 16,157 million euros would be contributed by Santander and BBVA, the two large Spanish banks with the greatest international presence.
The first to reveal its quarterly numbers will be Bankinter, as usual, and will do so on October 24, with a net profit of just over 256 million, according to forecasts, which added to the 473.5 million earned between January and June are about 730 million euros and 6.5% more.
The next will be Banco Santander, which will publish its accounts on October 29 and analysts estimate that they will collect a net profit of just over 8,866 million euros, also above the 8,143 million in the same period of the previous year.
On October 30 it will be Unicaja Banco’s turn, which will deliver profits of 446.3 million, 56.5% more than last year on the same dates.
The three remaining entities, CaixaBank, BBVA and Banco Sabadell will coincide on October 31, the last two involved in a hostile takeover bid by BBVA for Sabadell, something very rare in the Spanish market and which could take months to resolve.
CaixaBank, protagonist along with Bankia of the last major merger in the Spanish sector, in 2021, will earn, according to analysts, around 4,122 million, compared to 3,659 million the previous year.
BBVA, which launched a takeover bid for Sabadell at the beginning of May, could earn around 7,300 million, above the 5,961 million in the same period of 2023.
The operation took a turn on October 1 when BBVA update its offer to Banco Sabadell shareholders so that they attend the takeover bid, consisting of a proposal of a payment of 0.29 euros in cash and one new share of the group for every 5.019 of Sabadell.
Until that moment, BBVA’s offer was one new share of the purchasing bank for every 4.83 of Sabadell, as long as its holders accepted the proposal to sell the securities, although the entity had already warned that it could adjust the terms if Sabadell distributed a dividend, as it did on October 1, by paying 0.08 euros per share to its shareholders.
Finally, According to analysts, Banco Sabadell would have obtained a net profit of 1,208.4 million, above the 1,028 million with which it closed the third quarter of 2023.
The main executives of both entities have appeared in the media more frequently than ever in recent months, each part with its own message: BBVA explaining the advantages of the takeover bid and Sabadell insisting over and over again that they see no point in it and that they prefer to continue alone.
And behind everything, as always, money, specifically the lucrative business of SMEs, one of Sabadell’s strong points and one of the areas that BBVA wants to strengthen, according to market sources. EFECOM
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