The Spanish banking sector closed the first quarter of 2024 with significant financial developments. The total assets of the sector stood at USD 1,907.9 billion, reflecting a year-on-year increase of 1.3%. Despite this growth in assets, customer loans saw a slight decline of 1.6%, totaling USD 837.2 billion. On a more positive note, customer deposits grew by 4.9%, reaching USD 947.6 billion.
Equity for the period amounted to USD 160.0 billion, marking a 3.9% increase from the previous year. The sector's operating income demonstrated robust performance, climbing by 20.8% to USD 13.4 billion. This surge in operational efficiency contributed to a substantial rise in net profit, which increased by 34% (vs Q1.2023) to USD 6.7 billion.
In terms of market share growth in assets, BBVA led the way with a 0.40 market share increase, securing the second spot in the asset rankings. Banco Cooperativo Español followed with a +0.22 rise, placing tenth. Open Bank and Allfunds Bank experienced modest increases of 0.07 and 0.06, ranking ninth and sixteenth, respectively. Banco de Crédito Social Cooperativo also saw a +0.06 increase, positioning sixth in the rankings.
Regarding nominal year-on-year improvements in net profit, BBVA again outperformed its peers with an impressive increase of € 1,938.5 million in comparison with Q1.2023 results. Banco de Sabadell showed a significant improvement of € 219.7 million, while Bankinter and Banco de Crédito Social Cooperativo saw gains of € 26.2 million and € 14.1 million, respectively. Deutsche Bank also reported an increase of € 9.1 million.
Equity for the period amounted to USD 160.0 billion, marking a 3.9% increase from the previous year. The sector's operating income demonstrated robust performance, climbing by 20.8% to USD 13.4 billion. This surge in operational efficiency contributed to a substantial rise in net profit, which increased by 34% (vs Q1.2023) to USD 6.7 billion.
In terms of market share growth in assets, BBVA led the way with a 0.40 market share increase, securing the second spot in the asset rankings. Banco Cooperativo Español followed with a +0.22 rise, placing tenth. Open Bank and Allfunds Bank experienced modest increases of 0.07 and 0.06, ranking ninth and sixteenth, respectively. Banco de Crédito Social Cooperativo also saw a +0.06 increase, positioning sixth in the rankings.
Regarding nominal year-on-year improvements in net profit, BBVA again outperformed its peers with an impressive increase of € 1,938.5 million in comparison with Q1.2023 results. Banco de Sabadell showed a significant improvement of € 219.7 million, while Bankinter and Banco de Crédito Social Cooperativo saw gains of € 26.2 million and € 14.1 million, respectively. Deutsche Bank also reported an increase of € 9.1 million.
