The growth was underpinned by the bank’s business in loans and long-term savings products and lower expenses due to synergies from the merger with Bankia. This led to a rise in operating profit (+5.4%), and a reduction in loan-loss provisions (-23.2%) and other provisions (-37.7%). The NPL ratio declined to 3.5% in the fourth quarter and the coverage ratio rose to 65%, following the fall of EUR 272 million in…
Bankinter | Inditex’s 2021 results (closed at 31 January 2022) have not met expectations and the outlook is deteriorating. The model is showing resilience, with strong cash flow generation. However, forecasts for 2022 are getting complicated. On the revenues side: activites in Russia and Ukraine suspended (9% of stores), outbreaks of Covid-19 in China (5% of stores) and the deterioration in confidence and purchasing power of consumers in Europe and…
Adjusted net income, which measures the performance of the businesses, was €1.056 billion, 69% of which came from the Exploration and Production division that carries out all its activities outside Spain. The invasion of Ukraine, which is affecting the international environment in 2022, has led to a significant increase in the prices of raw materials, with a clear impact on fuel prices. The Exploration and Production business was supported by…
Unemployment rose by 70,900 people between January and March, up almost 2.3% from the previous quarter, while employment fell by 100,200 jobs (-0.5%). This is the smallest decline in a first quarter since 2019, when 93,400 jobs were destroyed. At end-March, the total number of unemployed people stood at 3,174,700 and the number of employed at 20,084,700, the National Statistics Institute (INE) reported on Thursday. The increase in unemployment in…
Fernando González Urbaneja | Santander presented its first quarter results this week. Good in general terms. More business, better margins, growth and the best results without extraordinary items or gimmicks. However, the stock market’s immediate reaction was quite bad, with no explanation beyond a feeling of future problems. And so much because of the bank’s management as because of the general business environment. The feeling, even perception, of a recovery…
Spain approved a total of 32 royal decrees laws in 2021, the second highest figure since 1978 after that of 2020, when the health crisis led to the approval of 39 such rules. This is according to the report ‘Regulatory Production’ that CEOE prepares every year and in which it is found that 2021 was the sixth consecutive year in which the number of royal decrees exceeded the number of…
Spain and Portugal announced Tuesday that they have reached an agreement with the European Commission (EC) to limit the impact of gas in the formation of electricity market prices. Spain and Portugal announced the agreement after holding a meeting in Brussels with the Vice-President of the European Commission responsible for Competition, Margethe Vestager, after the European Council approved in March an “Iberian exception” so that these two countries could prevent…
Banco Santander obtained an attributable profit of 2.543 billion euros in the first quarter of this year, 58% more than a year earlier, when the bank took a 530 million charge for restructuring costs. Ordinary profit, which excludes that impact, rose 19%, the bank told the Spanish National Securities Market Commission (CNMV) on Tuesday.Santander is confident it will achieve the 2022 targets it announced in February: revenue growth of around…
Industrial prices rose by 6.6% last March compared to the previous month and soared 46.6% year-on-year, 5.5 points higher than in February and record growth in 46 years, as reported Monday by the National Statistics Institute (INE) and collected by Europa Press. With the year-on-year increase in March, the highest since the beginning of the series in January 1976, industrial prices chain 15 consecutive months of year-on-year increases and again…
Renta 4 | For the time being, the company is unable to provide any advance of a new level of estimates (foreseeably they will be able to offer greater visibility during the results’ presentation on May 5). However, they hope to obtain a margin in the low range of the previous guideline on objectives, -4%. This is thanks mainly to the sail of the assets in promotion in southern Europe,…