Large banks and electricity companies earn 25,586 million, 29.9% more through September.

Large banks and Spanish electricity companies posted a profit of 25,586 million through September, 29.9% more than the same period in 2021. These calculations include the six largest banking institutions in Spain (CaixaBank, Banco Santander, BBVA, Banco Sabadell, Bankinter). Unicaja and major energy companies with 16,014 million profits: reply, Endesa, improvisationCepsa and iberdrola. These companies jointly made a profit of 9 billion 572 million in the first nine months of the year, an increase of 52% compared to the same period of 2021.

With a recession and high inflation on the horizon, energy companies are ramping up their results due to rising energy prices, driven by the war in Ukraine. “Things have been very positive this year. The raw material costs these companies work with are due to conflict and conflict. passed on to consumersXTB analyst Darío García says its revenues have increased exponentially because of this. When it comes to banking, the increase in central banks’ interest rates has made the traditional banking business (lending on interest) more profitable. and this led to good results.

Because of these conditions, The Government stated that these two sectors benefited from the current economic situation., is quite difficult for citizens due to the increase in daily living costs and therefore prepares new special tax rates for them. In addition to these measures, the executive also increased the tax on large fortunes to “handle the crisis”.

The target set by the treasury head, María Jesús Montero, is to hit 7,000 million in the next two years. Bank tax aims to collect up to 3,000 million between 2022 and 2023It is taxed by being taxed at the rate of 4.8% of the interest margins and commissions received by financial institutions.

Despite the government’s insistence, ECB opposes tax Upgraded for banking as it can “disrupt the competition” and suppose there is an increase in cost for the customer. The Ministry of Finance immediately recalled that the ECB’s opinion was not binding and assured that “only technical issues will be redefined”.

The Fedea (Foundation for the Study of Applied Economics) was also skeptical of the new taxes in a recent report. “These are highly questionable and these measures strong ideological burden and a clear electoral motivation.”

“The priority should be an income agreement, not such measures.. In the medium or long term, we will need a well-designed and well-thought-out tax reform, not a series of patches that deal with the wealthy or specific regions,” said Ángel de la Fuente, director of the Fedea.

this think tank The report also includes the tax bill for banks and energy companies. “Exceeded worst expectations” and warns that “clearly arbitrary extortions can be committed from any perspective very poorly conforming to the rule of law”.

to develop dividends

The banking sector and energy companies are the leading players of the year. And this is mainly reflected in the dividends, that is, in the wages of the shareholders.. After the results were announced, Repsol announced that it will pay each shareholder an 11% more of 0.70 euros in 2023, after posting a profit of 3,222 million euros between January and September. “Energy companies realize that it is necessary to encourage investors. They must be attractive companies, and better remuneration for shareholders comes into play, which explains the dividend expansion announcements made by some,” Darío García develops.

Santander keeps its claim pay at 40%will be split equally between the cash dividend and repurchase. When placing BBVA pay It is between 40% and 50%. In just nine months, the business has already exceeded its benefits for 2021. That’s why its CEO has already suggested that a good dividend will be paid in charge of 2022.

In the case of CaixaBank, the business plans to allocate 50% to 60% of the profits to pay its shareholders. In the final presentation of the strategic plan until 2024 the bank promised investors 9,000 million over the next three years. Sabadell developed himself pay Increasing from 31.8% to 40%, Bankinter is fulfilling its promise to distribute 50% of profits as cash dividends.

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