30 Banking in Spain statistics 2025: Size, structure, products, and market trends

Spain, the 4th largest economy in Europe, has built a robust banking system after consecutive economic crises. Banking in Spain statistics suggest an upward trend in the 2020s due to efficiency, restructuring and digitalization of the sector. The net worth of the banking industry has been consistently growing since 2021, despite the rollercoaster following the COVID-19 pandemic.

During uncertain times, the resilience of the banking industry in Spain depends on knowing the market and acting on trends. The research team at Invezz.com has gathered the latest statistics to keep you in the loop. 

Key takeaways 

• The number of banks in Spain fell to 186 in 2024, a 47% decrease since 2010.
• There are nearly 17,900 bank branches in Spain, down 60%  since 2010.
• The net worth of the banking industry in Spain reached €226.9 billion in 2023, consistently rising since 2021.
• Profitability of banking in Spain (ROE) reached 12.6% in 2023, up from 8.1% in 2022.
• The cost-to-income ratio (CIR) of Spanish banks in 2023 was 47%, lower than the European average.
• Santander is the largest bank in Spain by assets, with €1.81 trillion in 2023.
• Bankinter has the highest return on equity among Spanish banks in 2024, at 16%.
• Traditional banks continue to dominate in Spain, capturing 53% of market volume in 2024.
• Revolut captured the highest share of new Spanish customers in 2023.
• Loans in Spain were valued at €57,400 per person in 2022, higher than the EU average of €48,730.
• New mortgage loans in Spain had an average interest rate of 3.74% in 2023, nearly triple that of 2020.
• 72% of the population in Spain uses online banking. 

General banking in Spain statistics

1. The total net worth of the banking industry in Spain was €226.9 billion in 2023.

After several crises in the 2010s, the annual net worth of banks in Spain has finally followed an upward curve since 2021.

Source: Bank of Spain 

2. The value of customer deposits in Spanish banks stood at €2.06 trillion in 2024.

Since 2020, customer deposits have consistently surpassed the €2 trillion benchmark, according to state banking in Spain statistics. As of February 2024, deposits amounted to €2.06 trillion, down 6.8% from the same time the previous year.

Source: Bank of Spain

3. The profitability (ROE) of the banking industry in Spain stood at 12.6% in 2023.

The return on equity (ROE) has significantly increased from 8.1% in 2022, suggesting that the banking industry in Spain is now more efficient at using the equity invested by shareholders to generate profits.

Source: Alvarez & Marsal

4. The cost-to-income ratio of the banking industry in Spain was 47% in 2023, lower than the European average.

The cost-to-income ratio (CIR) is another metric concerned with the profitability of banks. As the name implies, it measures the running costs of operations as a fraction of a bank’s operating income. 

As of 2023, the CIR of the banking industry in Spain was 47%, compared to the European average of 56%. Banking statistics in Spain suggest that local banks are running more profitably, particularly compared to those in Liechtenstein (77%), France (71%), and Germany (65%), which were most consumed by expenses.

Source: European Banking Authority 

Banking market in Spain statistics

5. As of April 2024, there were 186 individual banks operating in Spain. 

Since 2010, the number of banks in Spain shrank by nearly 47%. Some small banks failed during the subsequent economic crises, while others disappeared due to the consolidation of banking in Spain.

Source: European Central Bank

6. As of 2023, there were 17,892 bank branches in Spain.

This is down 60% from 43,267 in 2010. The dropping number of bank branches is a trend in the euro area, influenced by technological innovations and growing demand for online banking. To meet shifting customer preferences, most credit institutions have closed branches and overall, downsized their operations.

Source: Banco de España

7. There were 162,740 employees at Spanish banks in 2022.

The number of people working in the banking industry also decreased sharply. Employment in the banking industry in Spain shrank by 38% between 2010 and 2022.

Source: Bank of Spain

8. In Spain, a customer’s main bank has an 82% share in total banking services provided.

Banking in Spain is highly concentrated, with a big gap between the leaders and followers. To be more specific, main banks, defined as the primary providers of banking services, capture about 82% of the total banking revenue generated by customers. 

Among the European markets, studied by Accenture in 2023, industry concentration is highest in Spain (82%) and lowest in the Netherlands (49%). 

Source: Accenture

Largest banks in Spain statistics

9. By assets, Santander is the largest bank in Spain, with €1.81 trillion in 2023.

Next come BBVA and CaixaBank, with total assets standing at €758 million and €500 billion, respectively.

By assets, Santander is the fourth biggest bank in Europe, preceded only by HSBC, BNP Paribas, and Crédit Agricole.

Source: Asociación Española de Banca, S&P Global

10. By market cap, Santander is the largest bank in Spain, valued at €60.8 billion in 2024.

Following are BBVA (€53.6 billion), CaixaBank (€31.3 billion), Sabadell (€6.5 billion), Bankinter (€5.3 billion), and Unicaja (€2.5 billion).

This makes Santander the fourth biggest bank in Europe by market cap, only after HSBC, UBS, and BNP Paribas. 

Source: Bolsas y Mercados, companiesmarketcap.com

11. Santander is the biggest brand in the banking industry in Spain, valued at $18.9 billion in 2024.

This is up from $16.9 billion in 2023. Following are BBVA ($7.2 billion) and CaixaBank ($5.7 billion).

Globally, Santander is the 13^th most valued brand in the banking industry, and the 2nd most valuable brand in Europe, only preceded by HSBC.

Source: Brand Finance

12. In 2024 Bankinter is expected to have the highest return on equity (ROE) among banks in Spain.

With close to 16% ROE, Bankinter is set to report the highest bank profitability, measured by income that will return to shareholder value. Following are BBVA and Caixabank, while Santander, Spain’s largest bank, comes fourth.

Source: S&P Global

13. Traditional banks dominate in Spain, accounting for 53% of projected market volume in 2024.

Incumbents including Santander, BBVA, and Caixabank capture most of the revenues in the banking industry in Spain. However, traditional institutions have been facing growing competition from digital banks, pushing a shift towards online services.

Source: Statista

14. In 2023, Revolut outpaced traditional banks in client acquisition, securing 13% of new customers.

The London-based digital bank welcomed 12.8% of total new accounts in Spain. In comparison, the accounts opened at Santander and CaixaBank constituted 12.6% and 9.3%, respectively.

Despite the high industry concentration in Spain’s banking industry, customer demand for digitalization and convenience has opened up opportunities for challengers.

Source: El Economista

15. CaixaBank’s app is highest rated in Spain, outperforming Revolut.

Some traditional banks seem to have mastered the digital shift, launching apps that outperform those of neobanks. CaixaBankNow is a case in point, with a rating of 4.8 out of 5 on the Google Play Store. Revolut and Santander’s apps followed closely, with an average rating of 4.7.

Source: Google Play Store 

Banking products in Spain statistics

16. In Spain, the average interest rate on household consumption loans is 7.78% in 2024.

This is consistent with the Euro area average of 7.82% as of March 2024. Since 2000, loan interest rates in Spain hit a high of 11.08% in 2008 and a low of 5.69% in 2021.

Source: European Central Bank

17. Loans in Spain were valued at €57,400 per person in 2022.

Loans per capita vary greatly within the EU. As of 2022 Luxembourg led with €248,400 average loan per person, while Romania had the lowest at €2,200. 

People in Spain were significantly less indebted with loans of €57,400 per capita, yet this is still higher than the EU average of €48,730.

Sources: European Banking Authority, Eurostat

18. Household loans amounted to €1.2 trillion in 2023.

In Europe, Spain had the second-largest volume of loans and advances to households as of September 2023, surpassed only by France.

Total household loans amounted to roughly €1.2 trillion, of which €848 million were mortgages.

Source: European Banking Authority

19. In Spain, the average interest rate on business loans is 4.9% in 2024.

This is lower than the Euro area average of 5.1% as of March 2024. Since 2000, loan interest rates in Spain were highest in 2008 at 5.9% and lowest in 2022 at 1.3%.

Source: European Central Bank

20. The ratio of non-performing loans was 2.8% in 2023.

Loans become non-performing loans (NPLs) normally after being in default for 90 days. As of September 2023, roughly 2.8% of all loans in Spain were NPLs.

To set this in context, the average NPL ratio in the EU was 1.8%. Greek loans performed the worst at 4.1%, while Swedish loans performed the best at 0.3%.

Source: European Banking Authority

21. Banks in Spain were able to cover 42% of non-performing loans in 2023.

The coverage ratio of NPLs measures banks’ ability to absorb loans that weren’t paid in full. As of March 2023, the banking industry in Spain was able to cover about 42% of NPLs. 

This is somewhat worrying considering the relatively high ratio of NPLs to total loans, compared to other European countries. 

Source: European Banking Authority

22. The average interest rate on new mortgage loans in Spain was 3.74% in 2023.

For a decade, interest rates on new housing loans followed a downward trend before sharply rising in 2022. In 2023, the average mortgage interest rate in Spain reached 3.74% – nearly triple that of 2020.

Source: Bank of Spain

23. In 2023, there were 497,224 mortgages granted by banks in Spain.

Since 2012, the number of mortgages in Spain gradually increased, peaking at over 541,000 in 2022. However, in 2023, the demand for new house loans cooled off, with banks granting 8% fewer mortgages compared to the previous year. The increase in the average mortgage interest in Spain has a lot to do with the trend.

Source: Instituto Nacional de Estadística

Banks customer behavior statistics

24. 72% of the population in Spain uses online banking. 

This is significantly higher than the EU average of 64%. The share of individuals using Internet banking has increased exponentially in the past decade, from 33% in 2013 to 72% in 2023.

Source: Eurostat

25. 67% of bank account holders in Spain handle banking via mobile devices.

Considering 2023 banking in Spain statistics, mobile banking is the most popular method to process banking matters, at the expense of physical banking and desktop banking. The figure has gradually increased since 2019, when mobile banking usage in Spain stood at 59% among bank account holders.

Source: Statista 

26. 47% of bank account holders in Spain use desktop devices for banking matters.

The share of online banking users has dropped since 2019 when 66% of Spaniards with a bank account reported mostly using their PCs or laptops when processing banking matters.

Source: Statista

27. The average annual credit card spending in Spain was €2,882 in 2022.

Unlike many countries in Europe, credit cards (a.k.a. cards with a delayed debit function) are nearly as popular in Spain as debit cards. In 2022, there were over 44 million credit cards, representing about half of all payment cards.

In the same year, the total credit card spending reached €126.8 billion. Using banking in Spain statistics, the average annual credit card spending is estimated at approximately €2,882.

Source: Bank of International Settlements 

28. The annual credit card spending in Spain reached €126.8 billion in 2022.

Between 2017 and 2022, credit card transaction volume in Spain nearly doubled from €67.2 billion to €126.8 billion.

Meanwhile, the annual debit card spending stood at €177.7 billion in 2022, or 40% more than credit card spending. Owning a credit card does not immediately indicate it gets used, and debit cards appear to be the go-to payment method for people in Spain.

Source: Bank of Spain

29. In Spain, people spend more money on online purchases with credit cards than debit cards.

In 2023, credit card payments accounted for 26% of e-commerce payment value, compared to 13% for debit cards. 

Banking in Spain statistics by Wordpay indicate that people in Spain spend more using credit cards on online stores.. This doesn’t mean they use them more frequently than debit cards.

Source: Worldpay

30. On average, Spanish households had €166 credit card debt in 2022.

Interestingly, people below 35 years had significantly lower average debt at €71, compared to €268 among Millennials aged 35-44 years.

Source: Bank of Spain

Final notes

Despite the unfavorable conditions, banking in Spain is on a positive trajectory. Institutions have demonstrated abilities to reflect and learn. The significant downsizing of operations showed a willingness to change, too, resulting in great return on equity and cost-to-income ratios. 

To ensure future resilience, the banking industry in Spain must double its efforts toward digital transformation. Challengers have surpassed incumbents in acquiring new clients, largely by offering superior online experiences and convenience.