En qué se gastan los beneficios los bancos españoles

Spanish banks have been generating significant profits in recent years, with UBS predicting this trend will continue. The normalization of interest rates after the ultra-low interest rate era has been a major factor in this success. Investors have historically been the main beneficiaries of these profits, but this is expected to continue in the future as well.

Among Spanish banks, CaixaBank and Sabadell have been the most generous to shareholders, distributing 87% and 84% of their profits respectively to investors between 2021 and the first quarter of 2026. Unicaja, while not as generous, still ranks third with a 72% distribution. UBS expects this trend to continue, with Unicaja leading the pack, followed by CaixaBank and Sabadell.

The European Central Bank's (ECB) anticipated rate hikes are expected to further boost bank profits. Historically, investors have been the primary beneficiaries of bank profits, and this trend is expected to continue. The distribution of profits to shareholders is dominated by dividend payouts and share buybacks.

CaixaBank leads the pack in distributing profits to shareholders, with an 87% distribution between 2021 and the first quarter of 2026. Sabadell is close behind at 84%, while Unicaja is third with a 72% distribution. These three banks are also expected to maintain their top positions in the three-year outlook (2026, 2027, and 2028), though not necessarily in the same order.

UBS predicts that Unicaja will generate the highest net capital generation to be distributed to shareholders this year, with a 99% distribution. This is likely to decrease slightly in 2028, but still remain at 73%. Sabadell is expected to remain relatively stable, with a distribution range from 87% this year down to 80% over the next two years. CaixaBank's distribution is expected to fluctuate between 79% and 76% over the same period.

In contrast, BBVA stands out as a middling performer in terms of profit distribution, averaging 62% since 2021 and expected to remain in this range through 2027 and 2028, though dipping to 70% this year. Santander and Bankinter, on the other hand, are the lowest performers in terms of profit distribution. Santander, in particular, has been more active in utilizing its profits for growth, acquisitions, and risk transfer, resulting in reduced solvency but high returns on investment.

Santander's strategy of utilizing 46% of its accumulated capital gains over five years for organic growth, alongside a 36% release of capital through interbank lending, has allowed the bank to outperform expectations. The bank plans to use nearly half (49%) of its 2026 profits to acquire US and UK banks, while the remaining 70% will be distributed among shareholders.