Santander y BBVA elevan la solvencia y los dividendos

Santander and BBVA are increasing their solvency and dividends, defying the trend of European entities cutting equity. CaixaBank and Sabadell are challenging this trend as well, but to a lesser extent. Santander now has a maximum quality capital (CET1) of 14.02%, which is 56 points higher than in 2025. This is mainly due to the acquisition of TSB, which has added almost 60 points to solvency.

Despite the upcoming acquisition of Webster in the U.S., Santander aims to recover to 13% by the end of 2026. BBVA's desired solvency level is 12%. Both banks consider this level as their optimal operational capital and are willing to distribute the excess through an extraordinary dividend or share buyback. CaixaBank and Sabadell are also moving against the European trend, but their progress is slightly slower.

CaixaBank has reached 12.54% CET1, while Sabadell stands at 13%. The situation in the rest of Europe is different, with the average CET1 for the 58 largest banks being higher in Europe, but the reduction is ongoing due to continued policies of returning excess capital to shareholders. The payout ratio, which is the proportion of profits paid as dividends or buybacks, is near historical maximums, causing concern for supervisors but not analysts.

Despite economic and geopolitical uncertainties, bank capital ratios demonstrate that the sector is well protected against a slowdown.