8,487 million euros. That is the joint benefit of the six great banks quoted in Spain during the first quarter of 2025. 27% more than a year ago, according to The economist.
The most striking thing is that they have achieved it in full application of the extraordinary government of the Government, to which They called “Confiscator”, “disproportionate” and “harmful to the stability of the financial system.”
That tax has ended up being a mere accounting score. A cost that can be moved, adjust, deduce. In summary: overcome.
Why is it important. Because it shows a historical constant: when trying extraordinary to financial power, it reacts extraordinarily effectively.
And because he talks about systemic inequality: a citizen cannot choose when and how to pay their taxes, but a bank does. And you can even earn more money along the way.
In detail. Of the 1.4 billion euros that the bank tax was supposedly costing this year, only 351 million have impacted the first quarter accounts.
Not because it has been repealed. But because this year is prorated. The regulations allow deductions of up to 25% of the tax base, a circumstance that financial entities have taken advantage of to optimize their results.
- Bankinterdirectly, will not pay anything this year or the one that comes. Thanks to the deductions of the Corporation Tax, its fiscal invoice has been zero.
- CaixaBankthat does pay, it is almost the one that wins the most: +46.2% benefit.
- He Santander It reduces its tax burden of 74%, and earns 3,402 million.
- And the BBVAin a context of downward types, its results improves 22.7%.
Between bambalins. The strategy is double: accountant and narrative. Accounting, the tax is fractional and make up with deductions. Narratively, the sector projected a resistance image. But the reality is that the tax has not altered the fundamental:
- Has not stopped profitability (Rote up to 20%).
- It has not reduced dividends.
- The business trend has not changed: in Spain, banks grow 48%.
The banks expressed concern about the impact, but the adaptation of their fiscal strategies has considerably damping the effect they had planned.
The backdrop. In 2024, The tax was loadedand the bank raised his voice. But since then they have learned to manage it. The new design gives them air. A “fiscal air” that allows them to continue flying although in theory they carry ballast in the form of extra tax load.
In addition, this fiscal relief more than compensates for the setback in the margin of interest, which falls 3.95% due to the decrease of types. But The gross margin rises 8.31%thanks especially to commissions … already the aforementioned tax adjustments.
In perspective. While the general economy looks at the Iribor of side and keeps inflation, the banking sector demonstrates adaptation to the fiscal environment. They have not only avoided the coup, but continue to meet objectives before shareholders and investors.
And incidentally, they leave a message to the markets: not even before a sudden tax its benefits are stopped.
Outstanding image | BBVA
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