Spanish banks report varied earnings and insurance growth

Banca March reported a first-half 2026 profit of 195 million euros, more than doubling its previous year's results. This surge was primarily driven by a 114 million euro accounting gain resulting from the revaluation of its 15% stake in Corporación Financiera Alba. Excluding this extraordinary item, the bank's profit stood at 81 million euros, a 12% increase year-over-year.

The bank's gross margin rose 48% to 385 million euros, supported by an 18% increase in service commissions. While interest margins saw a slight decline of 2.5%, the institution reported growth in assets under management (up 15%) and a significant 52% increase in securities under custody.

In the broader Spanish banking sector, insurance-related activities have become a major profit driver. In 2025, CaixaBank secured 56% of the total insurance profits earned by Spain's thirteen largest banks, generating 1,486 million euros through its insurance business. Other major players include BBVA and Santander, which reported insurance profits of 322 million euros and 236 million euros, respectively.