As published today on the Bank of Spain's website, CECA's member entities as a whole posted attributable profit of €2,155 million in the first half of 2022, compared with €4,671 million in the previous financial year. However, the results for 2021 were influenced by the extraordinary impact of the integration processes undertaken in the previous financial year (CaixaBank-Bankia and Unicaja-Liberbank).

In terms of income, net interest income declined by 3.1% compared to the first half of 2021. Financial income softened its fall to -2%, but the effect of the increase in interest rates was also reflected in financial costs, which rose at a similar pace (2.1%).

Despite this, gross income remained virtually stable (0.6% in June) with a positive performance of fee income, which increased 5.8% due to greater commercial activity as a result of the gradual reactivation of the economy, and of other net operating income. Both items offset the fall in the results of investees (-33.6%) and from financial operations (-70.9%).

On the expenditure side, the restructuring processes and the synergies gained from the mergers undertaken in the sector have enabled operating expenses to be contained. This brings the efficiency ratio to 55% in June 2022.

Despite an uncertain economic environment and high inflation threatening the pace of economic recovery, doubtful loans remained contained, standing at 3.4% in June for the sector as a whole, 0.4 p.p. less than a year ago. This led to a reduction in impairment losses on financial assets (€220 million less than in the first half of 2021), which had a positive impact on the result.

Return on equity (ROE) stood at 7.3% in June 2022, down from 15.7% in the first half of 2021, although this decline is mainly attributable to the recognition of extraordinary items from the previous year.

Furthermore, the sector's banks also achieved a CET 1 ratio of 13.1% in June 2022, comfortably exceeding the minimum capital requirements demanded by the European Central Bank (ECB).