Eleven banks in Spain lost money in the first half of 2022

Eleven banks in Spain lost money in the first half of 2022

Eleven banks in Spain lost money in the first half of 2022. Image: Irina Papoyan/Shutterstock.com

A TOTAL of eleven banks lost money between January and June 2022 in Spain, two fewer than in the same period a year earlier, according to individual data from the Bank of Spain.

According to reports on Wednesday, September 14, the Bank of Spain reported that eleven banks lost money in the first half of 2022 – seven of these institutions (JPMorgan Chase Bank, Banco Europeo de Finanzas, Targobank, WiZink, Evo Banco, Credit Suisse AG Sucursal en España and Singular Bank) were already in the red in the first half of 2021.

JPMorgan Chase Bank National Association S.E. increased its losses by 17.3 per cent in the first half of 2022, to €3.8 million, Singular Bank increased its losses by 84.6 per cent, to €11.6 million, and Banco Europeo de Finanzas lost €141,000 until June, 4 per cent more.

Targobank reduced its losses by 51.4%, to €4.26 million; WiZink cut its losses by 53 per cent, to €12 million, Evo Banco reduced its losses by 30.2 per cent, to €7.4 million, and Credit Suisse AG S.E. reduced its losses by 1.7 per cent, to €5.07 million.

Deutsche Bank España and Banco Occidental, both of which reported a profit in the first half of last year, also posted losses.

In particular, Deutsche Bank España lost €5.2 million from the beginning of the year to June, compared with a profit of €5.6 million a year earlier, while Banco Occidental lost €3,000, compared with a net profit of €1,000 a year earlier.

Credit Suisse Bank (Europe) and Miralta Finance Bank presented their individual financial statements to the Bank of Spain for the first time, with losses of €15 million and €1.85 million euros, respectively.

Europa Press reported that Banco de Depósitos, Banco Alcalá, Wealthprivat Bank, Banco Pichincha and Andbank España, which recorded losses a year ago, entered into profit in the first half of 2022.

Andbank España earned €2.13 million until June, Banco Pichincha earned €827,000 and Wealthprivat Bank earned €150,000.

The profit amounted to €46,000 for Banco de Depósitos and €5,000 for Banco de Alcalá.

Liberbank, which was on the list of money-losing banks in Spain a year ago, has legally disappeared following its integration into Unicaja Banco.

Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.

Written by

Matthew Roscoe

Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.


    • John McLean

      15 September 2022 • 08:25

      lost money or tax fiddle?

    Comments are closed.