Spanish banking sector gets €4.860 million until June thanks to property sales
According Expansion.com the results of the banking sector in Spain until June are excellent thanks to the good moment of the real estate market. In fact, the financial sector has obtained 9% more than a year earlier during the first half of the 2016, despite having placed almost the same amount of real estate on the market.
In total, 37,500 has been the amount of homes and other kind of properties sold until June. For the banking sector in Spain, this represents more than 4,800 million euros in total as incomes from real estate assets, which is another signal of the good moment of the Spanish property market.
Popular, Sabadell and Santander are the banks that more incomes have got from this type of assets, with 1,000, 994 and 974 million euros respectively.
Despite this good figures, the information has another side not so positive that must be highlighted. In this regard, the Spanish banks still having an excessive stock of properties for sale. In fact, both the Bank of Spain and the European Central Bank (ECB) have repeatedly pointed out that Spanish banks should reduce the weight of unproductive assets on their balances, which is considered by both institutions as one of the major weaknesses in improving profitability.