The banking tax accounted for 4.2% of the 2023 profit

The banking tax accounted for 4.2% of the 2023 profit


The extraordinary tax paid in 2023 by the six listed financial entities -Santander, BBVA, CaixaBank, Sabadell, Bankinter and Unicaja- represented 4.2% of their profit obtained in that year, which was a record for most.

The six large banks that operate in Spain and are listed on the stock market recorded a joint profit of 26,355 million euros in 2023, a record figure and 25.6% higher than in 2022. Meanwhile, they paid for the extraordinary tax, applied to the results of 2022, a total of 1,109.8 million.

By entity, in amount, the one that paid the most was CaixaBank with 373 million, which represents 7.7% of its profit. The entity recorded profits of 4,816 million, with an increase of 53.9% compared to 2022, but did not exceed the record registered in 2021 of 5,226 million due to the merger with Bankia.

After CaixaBank, Santander was the next to pay the most for the tax, 224 million, which represents 2% of its profit. The bank chaired by Ana Botín earned 11,076 million in 2023, 15.3% more and a record figure.

BBVA also obtained the highest profit in its history last year, with 8,019 million, 22% more, and paid 215 million for the tax, which weighs 2.7%.

Sabadell paid 157 million for the extraordinary tax, which represented 11.8% of its profit. This stood at 1,332 million, exceeding 1,000 million for a full year for the first time, and with a growth of 55.1%.

For its part, Bankinter paid 77 million for the tax, equivalent to 9.1% of its 844.8 million profit obtained in 2023, also a record figure without taking into account the impact of the spin-off of Línea Directa in 2021 and a growth of 50.8%.

Finally, Unicaja was the entity that paid the least for the tax, 63.8 million. However, it accounted for more than the rest, specifically, 23.9% of its profit, which stood at 267 million, 4% less. In fact, the bank highlighted when it released its results that, without the tax, it would have earned 330 million, 19% more.

The banking tax is levied on 4.8% of income from interest margin and net commissions generated in Spain for those entities that closed 2019 with more than 800 million for both concepts. The Government has extended it for one more year and will review it, along with that of the energy companies, “for its integration into the tax system in the fiscal year 2024 itself”, as stated in the Official State Gazette (BOE) in the decree of extension of the anti-crisis measures of December 28. With this, he shows his intention to make it permanent.

Higher amount

Large entities have already advanced figures on how much they will have to pay for the tax this year against the results of 2023 and it will be close to 1,500 million. Thus, it will be a higher amount in line with the increases, mainly, in the interest margin, which they have achieved due to the effect of the rise in interest rates. In sum, the six listed entities increased their interest margin by 19.9% ​​in 2023, to 84,752 million, and net fee income grew by 3.8%, to 24,546 million.

The Government had proposed to raise some 3,000 million with this tax in the time horizon of two years, as initially proposed, with the purpose of helping to finance social aid due to the rise in inflation and interest rates and with the argument that the entities were registering “extraordinary profits” due to higher interest rates.

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