The entities computed an impact of 1,478 million euros due to the temporary tax on banks
MADRID, 30 Abr. (EUROPA PRESS) –
The large Spanish banks have continued to improve their results in the first quarter of 2024, pulverizing the profits they had last year, obtaining a joint net profit of 6,676.8 million euros, 17.2% more than in the same period 2023, according to data collected by Europa Press.
These figures take into account the consolidated results of Bankinter, Sabadell, BBVA, Unicaja, Santander and CaixaBank. All of them have continued to rely on income growth in this first part of the year, especially margins, in the face of high interest rates.
In the different presentations of the results that the entities have made in recent days – with the exception of Santander and CaixaBank, which will do so this Tuesday – the managers have shown confidence in maintaining the interest margin, as well as the profitability, despite the fact that they anticipate that the European Central Bank (ECB) will begin to reduce official rates this year, also causing falls in the reference rates that will be applied to the loans they grant.
All of this occurs despite the fact that the banks recorded in their first quarter accounts an impact for the whole year of 1,478.6 million euros due to the temporary tax on the sector that exists in Spain, 32% more than the previous year. , due to the record results that the entities registered in 2023.
Of this tax, the bank has already paid a part in February, while the remainder will be settled in September. This is a figure that taxes the income (interest margin and net commissions) of entities with a turnover in Spain of more than 800 million euros at 4.8%.
Initially, the figure was valid only for two years (2022 and 2023, collected in 2023 and 2024), although at the end of last year the Government approved the extension of the tax to also tax the income of 2024. In addition, the Executive is studying the possibility of making it permanent, something that has caused rejection from the sector.
By banks, Santander obtained an attributable profit of 2,852 million euros in the first quarter of 2024, 11% more in current euros compared to the same period of the previous year, with a return on tangible capital (RoTE) of 14.9% .
In Spain alone, the entity has reported profits of 772 million euros, 65.5% more than a year before, despite having increased the impact of the temporary tax by 50%, to 335 million euros.
BBVA obtained an attributable net profit of 2,200 million euros in the entire first quarter of 2024, which represents an increase of 19.1% compared to the same period last year. In Spain, the entity recorded profits of 725 million euros, 36.2% more.
The increase in profit occurs despite the fact that in this first quarter the bank has recorded at the accounting level the total of the special banking tax, which amounts to 285 million euros, which is 26.6% more than the amount paid last year.
CaixaBank closed the first quarter of the year with an attributable net profit of 1,005 million euros, 17.5% more than in the same period last year. In the period, the bank has recorded an impact of 493 million euros due to the extraordinary tax, 32% more.
For its part, Banco Sabadell obtained a record first quarter net attributable profit of 308 million euros, 50.4% more than in the same period of the previous year. In your case, the impact of the tax has been 192 million euros, which represents an increase of 22.2% compared to the impact recorded in 2023.
Bankinter recorded a net profit of 201 million euros in the first quarter, which implies an increase of 9% compared to the 185 million it obtained in the same period of 2023. As it did last year, the bank fully accounted for the payment of the special banking tax in this quarter’s accounts. The rate has risen by 23%, to 95 million euros, compared to the 77 million that the bank paid last year.
Finally, Unicaja tripled its net profit in the first quarter of 2024, registering profits of 111 million euros compared to 34 million euros in the same period of 2022. This result has been recorded despite the fact that the bank computed in the entire temporary tax on banks in the first quarter, whose impact was 78.6 million euros, 23.1% more.
