The Spanish banks overcome the millionaire losses that the impact of the pandemic caused them last year, by providing extraordinary provisions (more than 7,600 million in the first half of 2020) to hedge against future defaults due to the crisis and face (Santander and BBVA) to the deterioration of the goodwill of foreign subsidiaries.
Listed entities will close the first six months of the year with earnings of 8,000 million euros , according to the Factset market consensus, compared to the red numbers of 11,400 million a year earlier.
Part of this boost to profits will come from Bankinter , which will record capital gains of close to 1,000 million in the second quarter after the spin-off and listing of the insurer Línea Directa . Thus, the entity headed by María Dolores Dancausa will close the first semester with a result of around 1,222 million, far from the 109 million it earned a year earlier (due to the higher endowments) and the 309 million it obtained in the first semester of 2019, a normalized period since it was prior to the outbreak of the coronavirus pandemic.
Without the effect of jumping to the Línea Directa parquet, the financial group will obtain a profit of around 222 million, double than a year before and 28% lower than the pre-crisis period. However, these earnings only come from the banking business as they do not have the insurer.
CaixaBank , which unlike a year ago, will present results already with the absorption of Bankia , as it did in the previous quarter after its merger, will earn 1,705 million in the semester. The bank closed March with profits of 4,786 million euros due to the accounting effect of Bankia (without the extraordinary, its result was 514 million).
However, for this second quarter of the year it is expected that the financial group will subtract from the result the 1,900 million that it will cost to finance the ERE, through which 6,452 employees of the group will leave , 13% of the global workforce.
BBVA will earn 1,523 million at the end of June, compared to losses of 1,157 million a year earlier due to higher provisions and the deterioration of foreign subsidiaries. Profits are still 37% lower than those of the same pre-crisis period when it earned 2.442 million.
However, the profit of the blue entity for these first six months of the year is also distorted by the ERE launched and the incoming capital gains from the sale of the US subsidiary . The bank headed by Carlos Torres will subtract from the results the 960 million euros that it will cost to finance the adjustment, for which 2,725 workers will leave. Likewise, the entity receives capital gains of 570 million from the US sale, an operation that closed in June, and for which it already registered 479 million in its accounts in the first quarter.
Thus, for this second quarter it is expected to include the remaining 91 million of the outstanding capital gain.
For its part, Santander will close the first semester exceeding pre-crisis earnings. The entity will earn about 3,341 million, compared to the 3,231 million it obtained in the first half of 2019 and the millionaire losses of 10,798 million in the first six months of 2020, already with a pandemic. These red numbers were the consequence of the deterioration of the goodwill of its subsidiaries and deferred tax assets in Spain.
The Banco Sabadell win until June 169 million euros, 16% more than in the same period of the previous year. The entity estimated at the end of March that it would be from the second quarter when the cost savings after the adjustments in staff and offices in the British subsidiary and the reduction of personnel in Spain of 1,800 employees, negotiated at end of last year. The bank anticipates that these efficiency plans will bring it savings of 140 million per year.
Finally, Unicaja , on the verge of merging with Liberbank , will earn 42 million euros at the end of June, 31% less than a year ago. However, this forecast of the analysts does not reflect the absorption of the Asturian bank, since the Andalusian group already announced a few months ago that it would present the results of the first semester already jointly with Liberbank.
Not 15 after the ECB announced the end of the limits on the payment of dividends, yesterday Margarita Delgado, member of the body’s supervisory board, acknowledged that entities will be asked to “continue to be cautious” with their remuneration, something that will not The national sector liked it, which accumulated sharp falls in the middle of the session, despite the fact that at the end the Ibex banks finally fell 2.6% on average , with Sabadell as the worst unemployed, 4.5% down.
These statements coincided on the day that the Bank of England officially announced through its financial stability report that the control measures for bank dividends are “no longer necessary”.