April 14, 2021

The big bank charges in Spain 4,628 million in commissions, 1.5% less

The large bank has charged 4,628 million euros in commissions in Spain during the first semester, 1.5% less than a year earlier, partly due to the drop in marketing and management of products such as insurance or investment plans and funds.

Santander is the entity that has most reduced its commission income in Spain in the first six months of the year, 6.9% at the international rate, up to 1,247 million euros. However, it continues to lead the classification by total volume.

The second largest drop in commission income was for CaixaBank, 2.4%, to 1,121 million; On the opposite side, Banco Sabadell stands out, which entered 7.9% more via commissions, up to 649 million, and Bankinter, 0.3% more, up to 231 million.

Recurring or purely bank revenues, that is, the interest margin plus commissions, of the six main entities – Santander, BBVA, CaixaBank, Bankia, Sabadell and Bankinter – also decreased at an aggregate level, 0.3%, to 13,640 million .

In this case, Santander stands out again, with a recurring revenue drop in Spain of 2.1%, to 3,265 million, and Bankia, with a reduction of 1.9%, to 1,551 million.

For the consultant Neovantas, as explained in a report sent on Tuesday, these data show, together with the current environment of interest rates at 0% and the ECB's perspective of keeping them similar at least until 2020, the reduction of mortgage activity due to the entry into force of the new law.

On the other hand, the benefits generated by the sale of financial assets continued to decrease, 31.5% year-on-year. This could lead to think that it is negative, but they are neither income from the main activity of the bank, nor are they recurring income, since once the assets are sold they leave the balance sheet.

Stresses Sabadell Spain, with a drop of 88.7%, mainly due to lower fixed-income portfolio sales, and BBVA Spain, 67.4% less, associated with irregular market performance in the semester and lower sales of portfolios, concludes the report.

. (tagsToTranslate) banking (t) charges (t) Spain (t) millions (t) commissions

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