The bank’s default figures remain elusive. Neither the pandemic shock nor the current inflation-driven economic strain has pushed credit defaults higher so far. In June, the share of doubtful loans eased from 4.08% to 3.8% of all lending. It dipped below 4% for the first time since January 2009, marking its lowest level since the onset of the Great Financial Crisis. By way of context, the prior peak reached 13.77% in December 2013, with a level of 4.78% just before the COVID-19 outbreak in December 2019. This trend signals resilience despite economic headwinds. (Source: Bank of Spain)
