Booming banks

SPAIN'S biggest banksSantander, BBVA, CaixaBank, Sabadell, Unicaja Banco and Bankinterclocked up record profits in 2022 according to a survey from the Noevantas consultancy. They made an accumulated total of €7.5 billion - a whopping 38.5% year-onyear increase.

Profits soar and shareholders cash in at Spain’s ‘Big Six’

By Alex Trelinski

Neovantas said the profit rise came from an increase in net interest income, with 12.2% more in the year-on-year rate, due to interest rate increases. Fees also increased by

6.1%, while operating expenses were reduced by 10.2% due to structural adjustments like branch closures that the banks continued to make in 2022.

The profit rise will mean a dividend bonanza for shareholders over the coming months.

BBVA will distribute a dividend equivalent to €0.50 per share, which represents a pay-out of 47%, while Sabadell announced a new increase in the payout from 31.8% to 50%.

Neovantas believes the