The president of BBVA, Carlos Torres Vila, has warned about the consequences that the creation of a tax on financial transactions, known as the "Tobin tax", may have on the market, without an international approach. "Taxing financial transactions without a focus beyond Spanish can have its consequences," remarked the "number one" of the bank based in La Vela (Madrid) during the presentation of annual results. Torres has stressed that taxation should not cause distortions, since, otherwise, it can lead to a loss of efficiency.
The Government approved at the end of the year the "Tobin tax", which will tax with 0.2% the purchase operations of Spanish shares issued by companies whose capitalization exceeds 1,000 million euros. It is estimated that some 850 million euros will be paid for this new tax figure.
Torres has the same negative opinion on Corporate Tax, so that, to the extent that changes are introduced, the financial sector could suffer "difficulties" both in terms of decision-making and in its own growth. In addition, the banker has joined the recent statements of his counterpart in Santander, Ana Botín, underlining that the important thing is to pay where there are benefits. "In no case should be paid twice for the same," he said, reports Ep.
BBVA obtained a net profit of 5,324 million euros in 2018, a 51.3% increase, thanks to the capital gains on the sale of its business in Chile and the contribution of its Mexican subsidiary, which offset the difficulties in Argentina and the fall in the Turkish lira This is what Torres explained in what has been his first presentation of results as president of the group, in which he was accompanied by the new CEO, the Turkish Onur Genç. The boost of recurring income, cost containment and lower write-downs also helped to improve the annual accounts, which were in line with what the market expected and only in the last quarter yielded a net profit of 1,001 million euros, almost fifteen times more than a year before, when the bank assumed a strong deterioration of its stake in Telefónica. Torres has considered that these results are "very good" and has highlighted the significant progress made in the digitalization of the business, as well as the objective that has been set so that this year more than 50% of customers interact with the bank through of the mobile.