The six most important banks in the Spanish State have obtained almost 5.7 billion euros of profit between January and March 2023, which represents an increase compared to the same period in 2022.
GO | AVERAGE EITB
The six largest banks in Spain (Santander, Caixabank, BBVA, Sabadell, Bankinter and Unicaja) have achieved a combined profit of almost 5.7 billion euros in the first quarter of 2023, which represents a growth of 13% in relation to with the same period of the previous year.
This increase has occurred despite the fact that the Spanish Government has approved a tax on the banking sector that entities have had to assume in their accounts this quarter. The good results of the sector are explained by the increase in interest rates, which has favored the banks’ profit margin.
However, not all banks have improved their profits compared to last year. Unicaja has suffered a 43.3% drop in its result. Sabadell has also registered a decrease of 4% in its profit. By contrast, the other four banks have managed to increase their net income by between 1% and 40%.
Santander has led the ranking with a profit of 2,571 million euros, followed by BBVA with 1,846 million, CaixaBank with 855 million and Sabadell with 205 million.
Source: Eitb
I’m Tifany Hawkins, a professional journalist with years of experience in news reporting. I currently work for a prominent news website and write articles for 24NewsReporters as an author. My primary focus is on economy-related stories, though I am also experienced in several other areas of journalism.