Results
Net profit reached a record figure
1.36 billion euros
(+10.7%)
Commercial activity and diversification boost Group profits
In 2024, the Bankinter Group achieved a pre-tax profit of 1.36 billion euros, 10.7% more than in 2023, while net profit stood at 953 million euros (+12.8%). The improvement in results was made possible by the strong momentum in commercial activity, which was increasingly diversified by activities and geographies. This strategy is leading, year after year, to a growth in business volumes with customers, which at the end of 31 December 2024 amounted to 223 billion euros (+9%), including customer credit, customer deposits and customer wealth.
Ratios
The various ratios in the account demonstrate the strength of the bank's balance sheet and its results.
Return. Return on equity (RoE) rose from 17.1% to 17.9% and ROTE stood at 19% at the end of the year, 84 basis points higher than in 2023.
Capital. The highest quality capital (fully loaded CET1) increased to 12.41%, 440 basis points above the minimum required for Bankinter by the European Central Bank for 2025 (8.01%, the lowest among listed banks).
Non-performing loans. The non-performing loan ratio remained at 2.11%, with coverage rising to 68.8% for prudential reasons. In Spain, specifically, it was 2.4%, compared to a sector average of 3.4%, according to November data from Banco de España.
Loan-to-deposit ratio. The loan-to-deposit ratio stood at an optimal 94.7% at the end of the reporting period.
Balance sheet
Total assets. Total assets stood at 122 billion euros, 7.9% more than a year ago.
Credit. Its volume reached 80.1 billion euros (+4.2%).
Customer funds. They grew by 13.1% in total. Retail deposits amounted to 83 billion euros (+1.8%) and assets managed off-balance sheet (own and third-party investment funds distributed by the Bank, pension funds, asset management, SICAVs and alternative investments) closed one of their best years, with 57.7 billion euros, 10.5 billion euros more than in 2023 (+22.2%).
Income statement figures
All operating statement lines in 2024 performed better than in the previous year, demonstrating that the bank managed spreads effectively in an environment of changing interest rates, while boosting its commercial activity across all of its geographies to generate higher revenues.
Net interest margin. The net interest margin was 2.3 billion euros (+2.9%) at the end of 2024, effectively withstanding the impact of declining interest rates.
Gross operating income. It rose to 2.9 billion euros (+9.1%), with total income from fees of 917 million euros (+12.3%). Also worth highlighting is the good performance of fees from the asset management businesses (+21%), payment and collection transactions (+7%) and securities services (+12%). Subtracting the fees paid by the bank to its commercial partners in the Agent Network and Partner Banking, the net fees received by the bank stood at 717 million, 14.9% more than in 20233.
Profit lines. It grew by 10.8% to 1.848 billion euros, covering operating costs that increased by 6% due to greater investments in new projects and digital systems designed to boost and improve the levels of productivity.
Cost-to-income ratio. Revenue growth made it possible to increase the Group’s cost-to-income ratio.The ratio improved by one percentage point to 36.3%, maintaining its leading position in the sector.
Regions
The revenues generated by Bankinter Portugal and Ireland now account for 15% of the Group’s total gross operating income.
Spain. Handles the bulk of the activity, including EVO. Pre-tax profit in Spain was 1.2 billion euros (+10%). The loan book stood at 66 billion euros (+2.4%). Customer funds (retail and wholesale, ex repos) totalled 76 billion euros (+4%) and those managed off-balance sheet plus intermediation reached 122 billion euros (+20%).
Portugal. The customer credits portfolio closed the year at 10 billion euros (+8%). The total amount of customer funds increased by 14%. Off-balance-sheet managed funds plus assets under custody increased by 10% to 9 billion euros. Bankinter Portugal's pre-tax profit in 2024 was 195 million euros (+18%).
Ireland. Customer credits rose by 27% year-on-year to 3.8 billion euros, including a mortgage portfolio of 2.9 billion (+31%) and 1 billion euros in consumer finance (+17%). New customer credits totalled 1.2 billion euros, 17% more than in 2023. The subsidiary's pre-tax profit amounted to 41 million euros (+23%).
Commercial Retail Banking
The retail banking business made its largest contribution to the Group's revenues. Customer wealth managed stood at 127 billion euros, 14 billion more than at the end of 2023 (+12%). Of the latter, 7 billion euros correspond to net new money and the other 7 billion euros to the market effect.
Breaking down customer wealth managed by segment, 71 billion euros come from Private Banking, which serves high-net-worth customers, and 57 billion euros from Retail Banking.
Asset management. This is a core activity for fee generation, which spearheaded the bank's growth, with off-balance sheet managed funds that at the end of December totalling 58 billion euros, 22.2% more than in 2023. Investment funds, both proprietary and third-party funds distributed by the bank, had a historic year, placing Bankinter Asset Management among the top three fund managers in the Spanish market with the highest net inflows, according to Inverco. The bank's own investment fund portfolio closed at 16 billion euros (+24.1%) and that of funds from other management companies distributed by the bank at 24 billion euros (+23.2%). Pension funds experienced an increase of 11.2% and the asset management and SICAV portfolio increased by 30%.
Salary accounts
665,000customers
(+4%)
Salary accounts. It is one of the products with the greatest power to attract customers and a way for many customers to join the bank. The number of accounts in 2024 increased by 4%, totalling 665,000.
Mortgages. They experienced a certain boost in the second half of the year, in line with the better performance of the home sales market, which allowed new mortgage production to equal that of the previous year: 5.8 billion euros, of which nearly 70% were fixed or mixed rate. Bankinter's market share in these operations was 6.6% in Spain, 6% in Portugal and 7.1% in Ireland, according to the latest data published by the relevant central banks. The Bankinter Group's residential mortgage portfolio amounted to 36.5 billion euros as of December 31st, 5% more than on the same date in 2023.
Bankinter Investment. Bankinter continued to lead the alternative investment business, with 28 structured vehicles, in which more than 14,700 investors have invested, with a committed capital at the end of 2024 of 5 billion (+11.2%).
Large-corporate Banking Loan book
34,7 billion euros
(+6%)
Corporate & SME Banking
Its loan book closed 2024 at 34.7 billion euros (+6%). Bankinter has continued to expand its credit portfolio in recent years, actively financing companies in their development projects.
By country, investment growth in Spain was 7%, as opposed to a flat performance in the sector; and 9% in Portugal, with the sector growing at 3%, always according to the latest data published in November by the Banco de España and the Bank of Portugal, respectively.
The investment balance in the International Banking business as of 31 December was 10.2 billion euros, with annual growth of 14%. This demonstrates the bank's momentum in this financing activity and its support for companies in their international projects.
CONSOLIDATED BALANCE SHEETS AT 31 DECEMBER 2024 AND 2023 (Thousands of Euros)
| ASSETS | 31/12/2024 | 31/12/2023 (*) |
| Cash, cash balances at central banks and other demand deposits | 15,417,808 | 13,859,595 |
| Activos financieros mantenidos para negociar | 3,372,005 | 4,505,254 |
| Derivatives | 966,855 | 756,160 |
| Equity instruments | 185,542 | 151,858 |
| Debt securities | 1,316,576 | 1,255,441 |
| Loans and advances | 903,032 | 2,341,795 |
| Central banks | — | — |
| Credit institutions | 902,956 | 2,203,838 |
| Customers | 76 | 137,957 |
| Memorandum items: loaned or pledged | 149,999 | 886,196 |
| Non-trading financial assets mandatorily at fair value through profit or loss | 281,391 | 178,110 |
| Equity instruments | 281,048 | 176,943 |
| Debt securities | 173 | 887 |
| Loans and advances | 170 | 280 |
| Central banks | — | — |
| Credit institutions | — | — |
| Customers | 170 | 280 |
| Memorandum items: loaned or pledged | — | — |
| Financial assets designated at fair value through profit or loss | — | — |
| Debt securities | — | — |
| Loans and advances | — | — |
| Central banks | — | — |
| Credit institutions | — | — |
| Customers | — | — |
| Memorandum items: loaned or pledged | — | — |
| Financial assets at fair value through other comprehensive income | 918,429 | 1,232,596 |
| Equity instruments | 205,473 | 161,308 |
| Debt securities | 712,956 | 1,071,288 |
| Loans and advances | — | — |
| Central banks | — | — |
| Credit institutions | — | — |
| Customers | — | — |
| Memorandum items: loaned or pledged | 3,642 | 186,779 |
| Financial assets at amortised cost | 99,383,287 | 90,836,049 |
| Debt securities | 14,226,418 | 10,577,989 |
| Loans and advances | 85,156,869 | 80,258,060 |
| Central banks | — | — |
| Credit institutions | 8,096,540 | 6,059,036 |
| Customers | 77,060,329 | 74,199,024 |
| Memorandum items: loaned or pledged | 18,572,586 | 12,987,118 |
| Derivatives - hedge accounting | 733,207 | 853,258 |
| Fair value changes of the hedged items in portfolio hedge of interest rate risk | (208,562) | (377,646) |
| Investments in joint ventures and associates | 244,605 | 235,499 |
| Joint ventures | 168,399 | 167,139 |
| Associated entities | 76,206 | 68,360 |
| Assets covered by insurance and reinsurance contracts | — | — |
| Tangible assets | 446,639 | 426,764 |
| Tangible fixed assets | 442,576 | 424,178 |
| For own use | 442,522 | 420,368 |
| Leased out under an operating lease | 54 | 3,810 |
| Assigned to welfare projects (savings banks and credit cooperatives)) | — | — |
| Real estate investments | 4,063 | 2,586 |
| Of which: leased out under operating leases | 4,063 | 2,586 |
| Memorandum items: Acquired under finance leases | 116,263 | 120,876 |
| Intangible assets | 320,446 | 302,018 |
| Goodwill | 2,276 | 2,276 |
| Other intangible assets | 318,170 | 299,742 |
| Tax assets | 693,773 | 583,054 |
| Current tax assets | 388,878 | 322,289 |
| Deferred tax assets | 304,895 | 260,765 |
| Other assets | 204,272 | 193,113 |
| Insurance contracts linked to pensions | — | — |
| Inventories | — | — |
| Other assets | 204,272 | 193,113 |
| Non-current assets and disposal Groups that have been classified as held for sale | 164,523 | 183,978 |
| TOTAL ASSETS | 121,971,823 | 113,011,642 |
| EQUITY AND LIABILITIES | 31/12/2024 | 31/12/2023 (*) |
| LIABILITIES | 116,094,158 | 107,688,702 |
| Financial liabilities held for trading | 3,419,667 | 3,895,791 |
| Derivatives | 1,072,946 | 836,110 |
| Short positions | 674,323 | 1,042,100 |
| Deposits | 1,672,398 | 2,017,581 |
| Central banks | — | — |
| Credit institutions | 290 | 483 |
| Customers | 1,672,108 | 2,017,098 |
| Debt securities issued | — | — |
| Other financial liabilities | — | — |
| Financial liabilities designated at fair value through profit or loss | — | — |
| Deposits | — | — |
| Central banks | — | — |
| Credit institutions | — | — |
| Customers | — | — |
| Debt securities issued | — | — |
| Other financial liabilities | — | — |
| Pro memoria: pasivos subordinados | — | — |
| Financial liabilities at amortised cost | 110,942,549 | 102,070,062 |
| Deposits | 99,471,397 | 90,584,931 |
| Central banks | — | 1,323,987 |
| Credit institutions | 13,162,693 | 10,272,080 |
| Customers | 86,308,704 | 78,988,864 |
| Debt securities issued | 8,975,934 | 8,546,380 |
| Other financial liabilities | 2,495,218 | 2,938,751 |
| Pro memoria: pasivos subordinados | 1,654,479 | 1,421,995 |
| Derivatives - hedge accounting | 513,534 | 611,660 |
| Fair value changes of the hedged items in portfolio hedge of interest rate risk | (32,880) | (105,156) |
| Liabilities covered by insurance or reinsurance contracts | — | — |
| Provisions | 333,840 | 346,190 |
| Pensions and other post-employment defined benefit obligations | 1,637 | 1,408 |
| Other long-term employee benefits | — | — |
| Procedural issues and pending tax litigation | 149,779 | 133,524 |
| Commitments and guarantees granted | 30,163 | 29,441 |
| Other provisions | 152,261 | 181,817 |
| Tax liabilities | 537,657 | 463,012 |
| Current tax liabilities | 453,410 | 399,716 |
| Deferred tax liabilities | 84,247 | 63,296 |
| Share capital repayable on demand | — | — |
| Other liabilities | 379,791 | 407,143 |
| Of which: welfare fund (savings banks and credit cooperatives only) | — | — |
| Liabilities included in disposal Groups classified as held for sale | — | — |
| TOTAL LIABILITIES | 116,094,158 | 107,688,702 |
| Equity | 5,908,327 | 5,445,304 |
| Capital | 269,660 | 269,660 |
| Paid up capital | 269,660 | 269,660 |
| Unpaid capital which has been called up | — | — |
| Memorandum items: uncalled share capital | — | — |
| Share premium | — | — |
| Equity instruments issued other than capital | — | — |
| Equity component of compound financial instruments | — | — |
| Other equity instruments issued | — | — |
| Other equity | 18,193 | 19,807 |
| Retained earnings | 5,052,498 | 4,650,297 |
| Revaluation reserves | — | — |
| Otras reservas | (18,034) | (12,312) |
| Reserves or accumulated losses from investments in joint ventures and associates | (18,034) | (12,312) |
| Others | — | — |
| (-) Own shares | (1,437) | (1,365) |
| Profit or loss attributable to owners of the parent | 952,971 | 844,787 |
| (-) Interim dividend | (365,524) | (325,570) |
| Other accumulated comprehensive income | (30,662) | (122,364) |
| Items that will not be reclassified to profit or loss | (36,210) | (81,224) |
| Actuarial gains or (-) losses on defined benefit pension plans | 7,388 | 5,876 |
| Non-current assets and disposal Groups that have been classified as held for sale | — | — |
| Share of other recognised income and expenses from investments in joint ventures and associates | — | — |
| Fair value changes of equity instruments measured at fair value through other comprehensive income | (43,598) | (87,100) |
| Hedge ineffectiveness of fair value hedges for equity instruments measured at fair value through other comprehensive income | — | — |
| Fair value changes of equity instruments measured at fair value through other comprehensive income (hedged item) | — | — |
| Fair value changes of equity instruments measured at fair value through other comprehensive income (hedging instrument) | — | — |
| Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in their credit risk | — | — |
| Items that may be reclassified to profit or loss | 5,548 | (41,140) |
| Coverage of net investments in foreign operations (effective portion) | — | — |
| Currency conversion | — | — |
| Hedging derivatives. Cash flow hedges (effective part) | 15,157 | (12,548) |
| Fair value changes of debt instruments measured at fair value through other comprehensive income | (11,888) | (27,321) |
| Hedging instruments [non-designated items] | — | — |
| Non-current assets and disposal Groups that have been classified as held for sale< | — | — |
| Share of other recognised income and expense of investments in joint ventures and associates | 2,279 | (1,271) |
| Minority interests (non-controlling interests) | — | — |
| Other accumulated comprehensive income | — | — |
| Other items | — | — |
| TOTAL EQUITY | 5,877,665 | 5,322,940 |
| TOTAL EQUITY AND LIABILITIES | 121,971,823 | 113,011,642 |
| MEMORANDUM ITEMS: OFF-BALANCE-SHEET EXPOSURES | ||
| Contingent commitments granted | 18,017,867 | 16,129,393 |
| Financial guarantees granted | 1,869,805 | 1,689,894 |
| Other commitments given | 6,654,042 | 11,462,378 |
(*) Presented for comparison purposes only.
CONSOLIDATED INCOME STATEMENTS FOR THE FINANCIAL YEARS ENDED 31 DECEMBER 2024 AND 2023 (in thousands of euros)
| (Debit)/Credit | (Debit)/Credit | |
| 31/12/2024 | 31/12/2023 (*) | |
| Interest income | 4,399,788 | 3,677,727 |
| Financial assets at fair value through other comprehensive income | 13,917 | 15,047 |
| Financial assets at amortised cost | 3,849,800 | 3,151,070 |
| Other interest income | 536,071 | 511,610 |
| Interest Expenses | (2,121,380) | (1,464,227) |
| Expenses on share capital repayable on demand | — | — |
| A) NET INTEREST MARGIN | 2,278,408 | 2,213,500 |
| Dividend income | 15,100 | 15,261 |
| Results of entities valued by the equity method | 34,864 | 31,575 |
| Income from fees | 917,332 | 817,059 |
| Expenses from fees | (200,265) | (192,767) |
| Gains or losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net | 20,450 | 19,922 |
| Financial assets at amortised cost | 24,070 | 29,237 |
| Remaining financial assets and liabilities | (3,620) | (9,315) |
| Gains or losses on financial assets and liabilities held for trading, net | (48,131) | 73,181 |
| Reclassification of financial assets out of fair value through other comprehensive income | — | — |
| Reclassification of financial assets from amortized cost | — | — |
| Other gains or losses | (48,131) | 73,181 |
| Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss, net | 5,571 | 5,467 |
| Reclassification of financial assets out of fair value through other comprehensive income | — | — |
| Reclassification of financial assets from amortized cost | — | — |
| Other gains or losses | 5,571 | 5,467 |
| Gains or losses on financial assets and liabilities designated at fair value through profit or loss, net | — | — |
| Gains or losses resulting from hedge accounting, net | (901) | 1,813 |
| Exchange differences [gain or loss], net | 61,709 | (64,834) |
| Other operating income | 32,833 | 34,898 |
| Other operating expenses | (215,492) | (294,532) |
| Of which: compulsory transfers to welfare funds (only savings banks and credit cooperatives) | — | — |
| Income from assets under insurance and reinsurance contracts | — | — |
| Expenses from liabilities under insurance and reinsurance contracts | — | — |
| B) GROSS OPERATING INCOME | 2,901,477 | 2,660,543 |
| Administration expenses | (966,269) | (911,309) |
| Personnel expenses | (594,814) | (557,923) |
| Other administrative expenses | (371,455) | (353,386) |
| Repayment | (87,453) | (82,069) |
| Provisions or reversal of provisions | (88,107) | (79,678) |
| Impairment or reversal of impairment and gains or losses on modifications of cash flows of financial assets not measured at fair value through profit or loss or modification gains or losses, net | (359,121) | (338,174) |
| Financial assets at fair value through other comprehensive income | 283 | (9,784) |
| Financial assets at amortised cost | (359,404) | (328,390) |
| Impairment or reversal of impairment of investments in joint ventures or associates | — | — |
| Impairment or reversal of impairment of non-financial assets | (28,937) | (10,214) |
| Tangible assets | 22 | — |
| Intangible assets | (28,915) | (10,214) |
| Others | — | — |
| Gains or losses on derecognition of non-financial assets and investments, net | (2,461) | (3,012) |
| Negative goodwill recognised in profit or loss | — | — |
| Gains or losses from non-current assets and disposal Groups classified as held for sale not eligible as discontinued operations | (9,432) | (7,247) |
| C) PROFIT OR LOSS BEFORE TAX FROM CONTINUING OPERATIONS | 1,359,698 | 1,228,840 |
| Tax expense or income related to profit or loss from continuing operations | (406,727) | (384,053) |
| D) PROFIT OR LOSS AFTER TAX FROM CONTINUING OPERATIONS | 952,971 | 844,787 |
| Profit or loss after tax from discontinued operations | — | — |
| E) PROFIT OR LOSS FOR THE PERIOD | 952,971 | 844,787 |
| Attributable to minority interests (non-controlling interests) | — | — |
| Attributable to the owners of the parent | 952,971 | 844,787 |
| EARNINGS PER SHARE: | ||
| Basic | 1.06 | 0.94 |
| Diluted | 1.03 | 0.91 |
(*) Presented for comparison purposes only.
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE FOR THE FINANCIAL YEARS ENDED 31 DECEMBER 2024 AND 2023 (in thousands of euros)
| 31/12/2024 | 31/12/2023 (*) | |
| PROFIT OR LOSS FOR THE YEAR | 952,971 | 844,787 |
| OTHER COMPREHENSIVE INCOME | 91,702 | 6,664 |
| Items that will not be reclassified to profit or loss | 45,013 | (34,053) |
| Actuarial gains or (-) losses on defined benefit pension plans | 2,142 | (368) |
| Non-current assets and disposal Groups held for sale | — | — |
| Share of other recognised income and expenses from investments in joint ventures and associates | — | — |
| Fair value changes of equity instruments measured at fair value through other comprehensive income | 44,165 | (34,309) |
| Gains or (-) losses from hedge accounting of equity instruments at fair value through other comprehensive income, net | — | — |
| Fair value changes of equity instruments measured at fair value through other comprehensive income (hedged item) | — | — |
| Fair value changes of equity instruments measured at fair value through other comprehensive income (hedging instrument) | — | — |
| Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in their credit risk | — | — |
| Income tax relating to items that will not be reclassified | (1,294) | 624 |
| Items that may be reclassified to profit or loss | 46,688 | 40,716 |
| Coverage of net investments in foreign operations [effective portion] | — | — |
| Valuation gains or (-) losses taken to equity | — | — |
| Transferred to profit or loss | — | — |
| Other reclassifications | — | — |
| Currency conversion | — | — |
| Translation gains or (-) losses taken to equity | — | — |
| Transferred to profit or loss | — | — |
| Other reclassifications | — | — |
| Cash flow hedges [effective portion] | 39,579 | (24,261) |
| Valuation gains or (-) losses taken to equity | 39,579 | (24,261) |
| Transferred to profit or loss | — | — |
| Transferred to the initial carrying amount of the hedged items | — | — |
| Other reclassifications | — | — |
| Hedging instruments [non-designated items] | — | — |
| Valuation gains or (-) losses taken to equity | — | — |
| Transferred to profit or loss | — | — |
| Other reclassifications | — | — |
| Debt instruments at fair value through other comprehensive income | 22,048 | 63,507 |
| Valuation gains or (-) losses taken to equity | 20,170 | 43,724 |
| Transferred to profit or loss | 1,878 | 19,783 |
| Other reclassifications | — | — |
| Non-current assets and disposal Groups held for sale | — | — |
| Valuation gains or (-) losses taken to equity | — | — |
| Transferred to profit or loss | — | — |
| Other reclassifications | — | — |
| Share of other recognised income and expense of investments in joint ventures and associates | 3,549 | 13,244 |
| Income tax relating to items that may be reclassified to profit or (-) loss | (18,488) | (11,774) |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,044,673 | 851,451 |
| Attributable to minority interests (non-controlling interests) | — | — |
| Attributable to the owners of the parent | 1,044,673 | 851,451 |
*) Presented for comparison purposes only.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED 31 DECEMBER 2024 AND 2023 (Thousands of Euros)
| Minority Interests | ||||||||||||||
| Capital (Note 21) |
Share premium (Nota 21) |
Equity instruments issued other than capital | Other elements of equity | Retained earnings | Revaluation reserves (Note 21) |
Otras reservas (Nota 21) |
(-) Own shares (Note 21) |
Profit or loss attributable to owners of the parent | (-) Interim dividend (Note 21) |
Other accumulated comprehensive income (Note 22) |
Other accumulated comprehensive income | Other items | Total | |
| Closing balance at 31/12/2023 | 269,660 | — | — | 19,807 | 4,650,297 | — | (12,312) | (1,365) | 844,787 | (325,570) | (122,364) | — | — | 5,322,940 |
| Effects of error correction | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effects of changes in accounting policies | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Opening balance 01/01/2024 | 269,660 | — | — | 19,807 | 4,650,297 | — | (12,312) | (1,365) | 844,787 | (325,570) | (122,364) | — | — | 5,322,940 |
| Total overall result for the year | — | — | — | — | — | — | — | — | 952,971 | — | 91,702 | — | — | 1,044,673 |
| Other changes in equity | — | — | — | (1,614) | 402,201 | — | (5,722) | (72) | (844,787) | (39,954) | — | — | — | (489,948) |
| Issuance of ordinary shares | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Issuance of preference shares | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Issuance of other equity instruments | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Exercise or maturity of other equity instruments issued | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Conversion of debt into equity | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Share capital reductions | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Dividends (or remuneration to partners) | — | — | — | — | — | — | — | — | — | (462,336) | — | — | — | (462,336) |
| Purchase of own shares | — | — | — | — | (1,215) | — | — | (78,668) | — | — | — | — | — | (79,883) |
| Sale or cancellation of own shares | — | — | — | — | — | — | — | 78,596 | — | — | — | — | — | 78,596 |
| Reclassification of financial instruments from equity to liabilities | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Reclassification of financial instruments from liabilities to equity | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Transfers between components of equity | — | — | — | — | 422,405 | — | — | — | (844,787) | 422,382 | — | — | — | — |
| Increases or (-) decreases in equity resulting from business combinations | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Share-based payments | — | — | — | (1,614) | — | — | — | — | — | — | — | — | — | (1,614) |
| Other increases or (-) decreases in equity | — | — | — | — | (18,989) | — | (5,722) | — | — | — | — | — | — | (24,711) |
| Of which: discretionary allocation to social work and funds (savings banks and credit cooperatives only) | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Closing balance at 31/12/202 | 269,660 | — | — | 18,193 | 5,052,498 | — | (18,034) | (1,437) | 952,971 | (365,524) | (30,662) | — | — | 5,877,665 |
(*) Presented for comparison purposes only.
CONSOLIDATED STATEMENT OF TOTAL CHANGES IN EQUITY FOR THE FINANCIAL YEARS ENDED 31 DECEMBER 2023 AND 2022 (in thousands of euros)
| Minority Interests | ||||||||||||||
| Capital (Note 21) |
Share premium (Nota 21) |
Equity instruments issued other than capital | Other elements of equity | Retained earnings | Revaluation reserves (Note 21) |
Otras reservas (Nota 21) |
(-) Own shares (Note 21) |
Profit or loss attributable to owners of the parent | (-) Interim dividend (Note 21) |
Other accumulated comprehensive income (Note 22) |
Other accumulated comprehensive income | Other items | Total | |
| Closing balance at 31/12/2022 | 269,660 | — | — | 11,905 | 4,406,753 | — | (13,290) | (1,393) | 560,203 | (199,838) | (129,028) | — | — | 4,904,972 |
| Effects of error correction | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effects of changes in accounting policies | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Opening balance 01/01/2023 | 269,660 | — | — | 11,905 | 4,406,753 | — | (13,290) | (1,393) | 560,203 | (199,838) | (129,028) | — | — | 4,904,972 |
| Total overall result for the year | — | — | — | — | — | — | — | — | 844,787 | — | 6,664 | — | — | 851,451 |
| Other changes in equity | — | — | — | 7,902 | 243,544 | — | 978 | 28 | (560,203) | (125,732) | — | — | — | (433,483) |
| Issuance of ordinary shares | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Issuance of preference shares | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Issuance of other equity instruments | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Exercise or maturity of other equity instruments issued | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Conversion of debt into equity | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Share capital reductions | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Dividends (or remuneration to partners) | — | — | — | — | — | — | — | — | — | (405,773) | — | — | — | (405,773) |
| Purchase of own shares | — | — | — | — | (294) | — | — | (79,119) | — | — | — | — | — | (79,413) |
| Sale or cancellation of treasury shares | — | — | — | — | — | — | — | 79,147 | — | — | — | — | — | 79,147 |
| Reclassification of financial instruments from equity to liabilities | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Reclassification of financial instruments from liabilities to equity | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Transfers between components of equity | — | — | — | — | 280,162 | — | — | — | (560,203) | 280,041 | — | — | — | — |
| Increases or (-) decreases in equity resulting from business combinations | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Share-based payments | — | — | — | 7,902 | — | — | — | — | — | — | — | — | — | 7,902 |
| Other increases or (-) decreases in equity | — | — | — | — | (36,324) | — | 978 | — | — | — | — | — | — | (35,347) |
| Of which: discretionary allocation to social work and funds (savings banks and credit cooperatives only) | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Closing balance at 31/12/2023 | 269,660 | — | — | 19,807 | 4,650,297 | — | (12,312) | (1,365) | 844,787 | (325,570) | (122,364) | — | — | 5,322,940 |
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEARS ENDED 31 DECEMBER 2024 AND 2023 (in thousands of euros)
| 31/12/2024 | 31/12/2023 (*) | |
| A) CASH FLOWS FROM OPERATING ACTIVITIES | 1,941,443 | 658,419 |
| Profit or loss for the period | 952,971 | 844,787 |
| Adjustments to obtain cash flows from operating activities | 1,063,871 | 922,760 |
| Repayment | 87,453 | 82,069 |
| Other adjustments | 976,418 | 840,691 |
| Net increase/(decrease) in operating assets | 7,694,937 | 5,343,481 |
| Financial assets held for trading | (1,133,249) | 449,484 |
| Non-trading financial assets mandatorily at fair value through profit or loss | 103,392 | 16,899 |
| Financial assets designated at fair value through profit or loss | — | — |
| Financial assets at fair value through other comprehensive income | (398,644) | (1,583,771) |
| Financial assets at amortised cost | 9,137,116 | 6,623,995 |
| Other operating assets | (13,679) | (163,127) |
| Net increase/decrease in operating liabilities | 8,059,171 | 4,563,853 |
| Financial liabilities held for trading | (476,124) | 548,593 |
| Financial liabilities designated at fair value through profit or loss | — | — |
| Financial liabilities at amortised cost | 8,621,124 | 3,807,742 |
| Other operating liabilities | (85,828) | 207,518 |
| Income tax recovered/(paid) | (439,634) | (329,500) |
| B) CASH FLOWS FROM INVESTING ACTIVITIES | (120,795) | (44,234) |
| Payments | (156,629) | (170,062) |
| Tangible assets | (50,831) | (21,713) |
| Intangible assets | (100,270) | (68,669) |
| Investments in joint ventures and associates | — | — |
| Subsidiaries entities and other business units | — | (51,946) |
| Non-current assets and liabilities that have been classified as held for sale | (5,528) | (27,734) |
| Other payments related to investing activities | — | — |
| Proceeds | 35,834 | 125,828 |
| Tangible assets | 5,169 | 9,180 |
| Intangible assets | 11,029 | 382 |
| Investments in joint ventures and associates | — | 3,846 |
| Subsidiaries and other business units | — | — |
| Non-current assets and liabilities that have been classified as held for sale | 19,636 | 112,420 |
| Other proceeds related to investing activities | — | — |
| C) CASH FLOWS FROM FINANCING ACTIVITIES | (262,435) | (105,807) |
| Payments | (541,032) | (484,953) |
| Dividends | (462,348) | (405,834) |
| Subordinated liabilities | — | — |
| Redemption of own equity instruments | — | — |
| Acquisition of equity instruments | (78,684) | (79,119) |
| Other payments related to financing activities | — | — |
| Proceeds | 278,596 | 379,146 |
| Subordinated liabilities | 200,000 | 300,000 |
| Issuance of equity instruments | — | — |
| Disposal of own equity instruments | 78,596 | 79,146 |
| Other proceeds related to financing activities | — | — |
| D) EFFECT OF EXCHANGE RATE CHANGES | — | — |
| E) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C+D) | 1,558,213 | 508,378 |
| F) CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 13,859,595 | 13,351,217 |
| G) CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 15,417,808 | 13,859,595 |
| Of which: Interest received | 4,367,547 | 3,737,346 |
| Of which: Interest paid | 2,211,851 | 1,122,078 |