1037 GMT - The approval of a Spanish bank tax proposal for 2025-27 could dent the earnings of the country's three largest lenders, Keefe, Bruyette & Woods say in a research note. "We estimate that under this new mechanism the levy will raise 1.7 billion euros out of 2024 revenues from the Spanish banks that we cover, which compares to the 1.5 billion euros raised so far this year," analysts Hugo Cruz and Ben Maher write. The extension of the levy was expected but not the change in its mechanism, which introduces a 1% to 7% range, against a flat 4.8% rate previously. CaixaBank's 2025 adjusted earnings could see a 2% hit, while those of BBVA and Santander should edge down by 1%. Unicaja could see an 8% positive impact and Sabadell and Bankinter a 2% one, they estimate. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
November 22, 2024 05:38 ET (10:38 GMT)
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