2023-07-28 13:40:34
“The results are good because they are growing and they do so because they start from very low levels. The levels are no more than reasonable.” In this way, the CEO of CaixaBank, Gonzalo Gortázar, has put into context the benefits obtained by the entity in the first half of 2023, a period in which it earned 2,137 million, 35.8%. However, in this same period it has borne a tax burden of 1,447 million, which represents an effective tax rate of 40%, the average applied to the banking sector, which follows the government’s sights for improving its benefits, reason for which the Executive approved the extraordinary tax on banks. In Gortázar’s opinion, this high tax burden “penalizes” banks compared to other sectors that have an effective rate of 25%.
During the press conference to present the results for the first half of the year, Gortázar has made it clear from the outset that the bank tax is not an issue that the sector wants to “prioritize” on the next government’s agenda, but it has stressed that he aspires to a “serene debate on the sector” by the authorities.
“The banks must contribute 40% while the rest of the sectors with 25%. Why do we want to penalize the banking entities, what consequences does this have?” asked Gortázar, who wanted to expose these data “outside the political debate”. “It doesn’t make sense to tax banks more than other activities,” said Gortázar, who has opined that Spain must have a “healthy and profitable” bank, because the opposite “does not end up being good for the economy.”
Gortázar has detailed that of the 1,447 million euros in taxes accrued by the CaixaBank group in the first half of the year, a total of 1,018 million correspond to corporate tax, 373 million to bank tax and another 57 million to tax on deposits.
The manager recalled that CaixaBank has appealed the bank tax, considering that it does not comply with the law, and added: “We have to think about whether we want to penalize banks. If there is any underlying economic reason for this to be a good extent”.
On the other hand, Gortázar has refuted the thesis that banks have “extremely high benefits.” “It is not so”, he has said himself. “The results are good because they are growing and they do so because they start from very low levels. The levels are no more than reasonable,” he insisted.
In fact, Gortázar has ensured that although the financial return on tangible capital (ROTE) reached 12% in this first semester and the bank set itself the challenge of exceeding that threshold in 2024 in its strategic plan, an update of this is not proposed. plan. He has said that CaixaBank continues to trade below its book value and that banking “continues to be one of the least profitable sectors”, with position 25 of the total of the 35 companies on the Ibex.
Euribor, a problem that “will go less”
As for mortgages, the CEO of CaixaBank has predicted that the Euribor will go down, given the decisions of the European Central Bank (ECB). “We do not need a massive solution. The Euribor will drop below 4%, the problem is going to get less, not more,” he pointed out. Gortázar has estimated that the index will begin to drop at the end of this year and has assured that “it is not true” that mortgages have risen 300 euros per month due to the rise in rates. On the other hand, he has placed the average increase in the quota between 90 and 110 euros per month. “We cannot build debates on lies,” he denounced. Of its total mortgage portfolio, 55% have been repriced with the Euribor. After the ECB undertook the ninth consecutive rate hike this Thursday and did not rule out a new one in September, CaixaBank expects a slowdown in the signing of new mortgage loans, since it registered a 21.5% drop in new mortgage production in the first semester.
next government
Asked about the possibility of a political blockade after the July 23 elections and that this blockade would harm the banking sector, he replied that both in 2016 and 2019 there was already a similar situation with electoral repetition and that the Spanish economy grew above the EU economy. He has asked to “normalize” the situation and, in his words, trust that the strength of the Spanish economy will allow us to continue on the path of growth.
The CEO added that the duties of the next government include maintaining the current “greater growth than the European Union and lower inflation”, in addition to good employment data. He has also asked to prioritize the allocation of Next Generation funds and, in the medium term, facilitate the necessary structural reforms to improve productivity, among others.
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