The controversial extraordinary tax on banks has been the great protagonist in the presentation of first quarter results that the large financial institutions have been carrying out. Today, with the results of CaixaBank known this morning, the last of the big ones that was missing, an initial balance can now be made. The conclusion is that the six large banks that operate in Spain -Santander, BBVA, CaixaBank, Sabadell, Bankinter and Unicaja- have achieved profits of 5,696 million, despite paying 1,120 million for the extraordinary tax on the sector.
It supposes that they raised their net profit by 14% in the first quarter of the year compared to the same period of the previous year, when they won 5,001 million. All in a context in which the ECB continues to raise interest rates, with a last increase yesterday of 25 basis points, which have brought the interest rate of the main financing operations to 3.75%.
For the tax, which is a type of 4.8% on the interest margin, the six big ones paid 1,120 million, being CaixaBank who paid the most (373 million), followed by BBVA (225 million), Santander (224 million), Sabadell (157 million) and further away, Bankinter (77 million) and Unicaja (64 million). The entities have appealed the tax before the courts, as have the employers of the sector, AEB and CECA.
Despite the tax, most of the big six banks achieved a profit increase. Specifically, BBVA was the one that showed the greatest increase in profit in year-on-year terms, of 39.4%, up to 1,846 million; CaixaBank raised it by 21.1%, up to 855 million; Bankinter increased it by 21% and placed it at 185 million, and Santander improved its profits by 1%, to 2,571 million. On the other hand, Sabadell and Unicaja registered a decrease of 4% and 43.2%, respectively. Thus, its benefits were 205 million for Sabadell and 34 million for Unicaja.
The estimate of the Government is that this new tax supposes an increase in the collection of 1,500 million euros. To what the listed banks will contribute, we must add what other entities that are not listed on the Stock Market or even foreign entities that have business in Spain will have to pay.
Initially, this tax will only be in force during 2023 and 2024, affecting the net income from commissions and interests that the entities register in the previous years, respectively. However, the Government keeps the door open to permanently establish this tax, analyzing its performance at the end of 2024.
