CaixaBank has announced a net profit of €5.79 billion for 2024, marking a significant 20.2% increase compared to the previous year’s €4.82 billion. According to data submitted to Spain’s National Securities Market Commission (CNMV), the bank earned €1.54 billion in the final quarter of the year, a 33% rise from the same period in 2023. However, this figure represents a slight 2.2% decline compared to the third quarter of 2024.
Originally founded in Catalonia, CaixaBank relocated its headquarters to Valencia in 2017 amid political tensions and economic instability triggered by Catalonia’s independence movement. During the presentation of the 2024 results, CEO Gonzalo Gortázar once again dismissed the possibility of returning to Catalonia. He emphasized that the decision to remain in Valencia extends beyond the 2017 crisis, stating, “The reasons for staying in Valencia go far beyond the events of 2017.” Gortázar linked the bank’s decision to its merger with Bankia, noting that CaixaBank is no longer the same institution it was eight years ago. He also highlighted the improved conditions in Catalonia, calling it a positive development for all, while clarifying that Banco Sabadell’s recent decision to return to Catalonia has not influenced CaixaBank’s stance.
Meanwhile, BBVA, another major Spanish bank, reported a record-breaking profit of €10.05 billion for 2024, a 25.4% increase from the previous year’s €8.02 billion. In the final quarter, BBVA earned €2.43 billion. The bank’s operating expenses rose by 18% to €14.19 billion, partly due to its efforts to acquire Banco Sabadell. BBVA also plans to hire an additional 1,100 employees in technology and data sectors, following the recruitment of 10,100 staff members over the past three years.
BBVA’s net interest margin also reached a historic high, climbing 13% to €25.27 billion, driven largely by a significant increase in loan demand. Both banks’ strong performances reflect a robust recovery in Spain’s banking sector, with CaixaBank and BBVA leading the way in profitability and strategic growth.
