The six main banks of the Spanish state made almost 5.7 billion euros in profits between January and March 2023, an increase compared to the same period in 2022.
GA | AVERAGE EITB
The six largest banks in Spain (Santander, Caixabank, BBVA, Sabadell, Bankinter and Unicaja) achieved a combined profit of almost 5.7 billion euros in the first quarter of 2023, a growth of 13% compared to the same period of the year. previous year.
This increase came despite the fact that the Spanish government approved a tax on the banking sector that entities had to collect on their accounts this quarter. The sector’s good performance can be explained by the rise in interest rates, which boosted banks’ profit margins.
However, not all banks have improved their profits compared to last year. Unicaja suffered a 43.3% drop in results. Sabadell also recorded a 4% drop in profits. In contrast, the other four banks managed to increase their net income by 1% to 40%.
Santander leads 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 Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
