The new design of bank taxwith several installments depending on income, will result in a reduction in the bill paid so far by the Bank Sabadell alone, but it will significantly increase the BBVA if this continues public tender offer raised about the first. Those who will benefit the most from the change will be Unicaja and Bankinterwhile CaixaBank will be the big loser.
Thus, according to the calculations carried out by BNP Paribas ExaneSabadell will have to pay around 173 million, compared to 203 million with the previous design. This implies that earnings per share (EPS) would improve by 1.9%. UBS He also estimates the improvement in the Catalan bank’s profit with the new tax of 2%.
On the contrary, BBVA will pay Tax authorities 367 million for their taxable income this year, against the 325 that they would have had to pay with the previous tax, because the maximum rate of the new tax is 7% because it becomes progressive compared to the linear 4.8% which was applied until now.
This implies that its profit will be reduced by 0.5%, according to BNP Paribas, which UBS reduces to 0.2%-0.3% and describes as “irrelevant” due to the geographical diversification of the second Spanish bank , just as in the case of Bank of Santander.
In any case, the new tax further reduces the attractiveness of BBVA’s takeover bid for Sabadell for the latter’s shareholders. But furthermore, if the offer materializes, BBVA will not only have to pay the amount that Sabadell and itself will pay alone (173+367=540 million, again according to BNP calculations), but will pay even more taxes. This is because the margin As a whole, it will have a surplus of more than 5 billion, a level from which a new maximum rate of 7% is applied.
The scale of assessment establishes a bonus for the first 100 million of income then applies progressive rates: 1% up to 750 million; 3.5% up to 1,500 million; 4.8% up to 3 billion; 6% up to 5 billion; and 7% of this threshold. This additional section was requested by the far left partners of Pedro Sanchez.
On the other hand, the new concept of bank tax allows 25% of corporate tax to be deducted, which is already included in the UBS and BNP estimates. What has not been taken into account is the extraordinary deduction that entities can apply if their profitability on assets decreased by 0.7%.
Unicaja and Bankinter, beneficiaries
The most beneficiaries of this tax in installments will be Interbank and Unicaja. Bankinter will pay around 80 million with the new design, compared to 115 million previously, which will lead to an increase in profit of 3.7% according to BNP and up to 5% according to UBS. The palm takes it Uniquewho will receive a bill of 44 million, against 85 million that he should have paid. The improvement in profit with this change is 8.6% according to BNP but reaches 10% according to UBS calculations.
CaixaBank It will undoubtedly be the entity most affected, being leader of the Spanish market. If with the previous design you would have had to pay around 513 million for the annual income of 2024, the bill now amounts to 617 million, which will reduce your profits by 1.9% according to the BNP or between 2% and 3% depending on UBS. .
THE employers Banking sector leaders yesterday showed their head-on rejection of the tax and announced that they would appeal to the courts because they believe that the same arguments that led to the appeal of the previous tax remain. Likewise, they reject the fact that it was approved in a amendment to another rule – when new taxes must be approved by law – through opaque negotiations and without involving the sector.
Likewise, they reject progressiveness because it particularly punishes entities that create more job.
