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caixabank sunset

Spanish economy 27th October 2023

CaixaBank reports net profit of €3.66 billion in first 9 months of year, up 48.2%

In the first nine months of the year, core revenues were up 34.3% year-on-year to €11.13 billion, driven by net interest income, which stood at €7.36 billion, up 60.7% on the same period of 2022. The growth in NII, compounded by the improvement in insurance service result (+21.2%) and equity accounted income from bancassurance stakes (+47.6%), offset the 5.3% decline in net fees. Specifically, recurring banking fees dropped by 9.1%…

viviendaCM 1

Spanish economy 27th October 2023

Mortgages granted in Spain fall by 22.7% year-on-year in August

Santiago Martínez (Ibercaja)| The number of mortgages granted in Spain fell by -22.7% year-on-year in August, the average amount by -4.9% (to €138,171) and the total amount granted by -26.2%. As can be seen in the evolution of both sales and mortgages granted, the correction of the real estate market continues its course from transaction levels that seemed unsustainable if we take into account recent demographic trends and those expected…

employment office

Spanish economy 26th October 2023

Spain’s unemployment rate deteriorates in 3Q2023 to 11.84% from 11.60% in previous quarter

Bankinter| The unemployment rate deteriorated in 3Q2023 to 11.84% from 11.60% previously and vs. 11.45% expected. The number of unemployed rose to 2.85m (vs. 2.76m at June 2023). The Activity Rate increased to 59.41% (vs. 58.57% previously). See full information in this link. Assessment: We believe that the expected slowdown in economic growth in the second half of the year will be reflected in a certain deterioration of the Unemployment…

RepsolImaz

Spanish economy 26th October 2023

Repsol posts net income of €2.785 billion in first nine months of 2023

Investments through September totalled €4.362 billion (+82%), mainly in Spain and the United States and aligned with the aim to allocate 35% of total investments in the year to low-carbon projects. At the same time, the company’s fiscal contribution totalled €10.89 billion. Repsol strengthened its renewable generation portfolio and its presence in the United States with the acquisition of ConnectGen, a company with a pipeline of 20,000 MW. The company…

poor

In Spain 26th October 2023

OECD Spain report points to 22% of Spanish children in poverty, highest figure in Western Europe

The OECD questions the viability of the two main reforms, pensions and labour, and the ecological transition, and questions the fiscal policy applied, as well as noting the halt in economic growth in 2024, which it reduces to 1.5%. Clare Lombardelli, chief economist of the OECD, during the presentation of the Economic Survey of Spain, criticised the lack of results in aspects such as unemployment, productivity, education and inequalities. She…

Sacyr builds business around concessions

Spanish economy 26th October 2023

Goldman Sachs cuts stake in Sacyr from 7.347% to 1.145%, no longer third largest shareholder

Link Securities| US investment bank Goldman Sachs has cut its stake in Sacyr to 1.145% from the 7.347% that had previously made it the third largest shareholder, according to the CNMV’s registers, as Expansión newspaper reports in today’s edition. Of this stake, 0.025% of the voting rights attributed to the shares are held indirectly and 1.120% through financial instruments. Thus, the company remains in Sacyr’s capital behind Disa, which has…

SanchezDiaz

Spanish Politics 25th October 2023

PSOE-Sumar pact: less work and more taxes to create more jobs?

Fernando González Urbaneja| The outgoing government has rubber-stamped a pact for the incoming government, signed with solemnity to convey an idea of hard bargaining within the cabinet. At least on the part of the cabinet, since the Podemos faction has been left out of the negotiation led by Yolanda Díaz under the SUMAR brand. The Podemos faction has been left with the option of throwing a hissyfit and little else,…

Banco Santander

Spanish economy 25th October 2023

Santander reports attributable profit of €8,143 million for first nine months, increasing earnings per share by 17%

Santander achieved an attributable profit of €8,143 million in the first nine months of 2023, up 11% in current euros versus the same period last year, as strong growth in revenues, particularly in Europe and Mexico, offset the expected year-on-year growth in provisions. In the third quarter, attributable profit increased 26% (+20% in current euros) versus the third quarter of last year to €2,902 million. The strength of the results…

Global debt

Spanish economy 24th October 2023

Spain’s public debt growing by €70 billion a year, over double pre-pandemic rate

The debt of the public administrations as a whole reached 1.563 trillion euros in August, after rising by 0.4% in monthly rate, although it did not exceed the historical maximum recorded in June (1.568 trillion), according to data published on Monday by the Bank of Spain. In the last year, public debt has grown by 4.7%, with 70,866 million euros more, despite the fact that Spain is growing by 2.3%…

Rising house prices is a common phenomenon in many countries

In Spain 24th October 2023

Housing law sinks supply of flats for rent by 30% in five months

Housing for rent has largely vanished in recent months in both Catalonia and the Community of Madrid. The supply of flats for rent has plummeted since the Housing Law came into force five months ago by 35.32% in the case of the Madrid region and by 34.92% in the case of Catalonia, according to an analysis carried out by the National Federation of Real Estate Associations (FAI), which puts the…