The Spanish bank seemed bored for the bag, but its last five years is superior to Apple and Microsoft

Sabadell has risen more than 1,000% in the stock market in the last five years. Santander, 370%. Caixabank, 359%. BBVA, 492% Meanwhile, Apple – during most of this time, the most valuable company in the world – has grown 82% in the same period. Microsoft, 120%. The Nvidia of records1,267%.

Why is it important. The Spanish bank has gone from being the ugly duckling of the stock market to star in one of the largest revaluation of the European market. This turn breaks the dominant story on a supposedly mature, boring and more narrow margins sector.

The transformation has been silent but brutal. With the world of investment looking towards AI and technological ones, Spanish banks have multiplied their stock market capitalization without making too much noise.

The context. It is true that the reference of five years has coincides with the minimums of the pandemic, when the IBEX 35 touched the 6,100 points in March 2020. But even taking references prior to Covid, the climbs remain spectacular.

The interest rates They have been the final catalyst. After more than a decade with negative types that suffocated the bank margins, the turn of the ECB has returned the profitability to the traditional business: to capture cheap deposits and lend expensive.

To contextualize: S&P 500 has risen 84% in the same period. The Nasdaq, 116%. Gold, 78%.

Yes, but. This stock market explosion has gone quite unnoticed by the general public. The dominant narrative remains the one that speaks of traditional banking as a mature sector with Fintech and Neobancos competitive pressure.

The reality is that traditional Spanish banks have generated returns that exceed many of the most celebrated technology.

And now what. It remains to know if this rally still has a tour or if it has already touched the roof. With interest rates stabilizing and the Spanish economy showing some deceleration, it is possible that the best has already happened.

But the banking sector has demonstrated something along the way: the boring can be very profitable.

In Xataka | Revolution is not just a threat to traditional banks. Now it is also for Teleoperators

Outstanding image | Joel Filipe