SPAIN’s six largest banks posted nearly €11 billion in combined profits during the first three months of 2026, setting a new record and extending a run of growth now into its fifth year.
Combined earnings for Santander, BBVA, Caixabank, Sabadell, Bankinter and Unicaja between January and March were 27% higher than in the same period last year, according to newly released figures.
It comes amid a strong upswing in Spain’s banking sector, which doubled its profits between 2019 and 2024 and has continued to set new annual earnings records since 2021.
The latest figures show Santander leading the pack, with a 60% year-on-year surge in profits boosted by the sale of its Polish subsidiary, Santander Polska, to Austria’s Erste Bank for nearly €2 billion.
READ MORE: Spanish bank Santander completes €3 billion takeover of British lender TSB from rival Sabadell
BBVA followed with an 11% increase, while Caixabank posted growth of 7%.
Sabadell was the only major lender to report lower profits, with earnings of €347 million marking a 29% year-on-year drop.
The decline was driven by lower net interest income, reduced fee income and the costs linked to a new early retirement plan, reports said.
Meanwhile, Santander last week completed its €3 billion takeover of UK lender TSB in one of the biggest shake-ups in European retail banking in recent years.
The deal saw Santander UK take control of TSB from Sabadell after securing approval from regulators in both the UK and the EU.
Serving nearly 28 million customers, the enlarged business is set to become Britain’s third-largest current account provider and the country’s fourth-largest mortgage lender.
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