The Bank of Spain earned 234 million last year after two years of losses

BarcelonaThe Bank of Spain closed last year with a profit of 234 million euros, which are transferred directly to the Public Treasury, as the entity collects in its annual accounts. With this result, the body chaired by José Luis Escrivá overcomes the two consecutive years of operating losses with which it closed 2023 and 2024, as happened with all central banks that are part of the Eurosystem, including the European Central Bank (ECB).

The reduction in the cost of liabilities due to successive decreases in the interest rate on the deposit facility, between June 2024 and June 2025, allowed for the recovery of positive margins and, therefore, for the institution to record profits again. The temporary operating losses (offset by recourse to provisions) presented during the two preceding years originated in the change in monetary policy to combat inflation and were generalized to the central banks of the Eurosystem.

Financial cushions

Then, the Bank of Spain had financial buffers that allowed it to offset these losses, thanks to the policy of provisioning in previous years, and to register zero profit for both 2023 and 2024. Regarding the composition of the 2025 accounts, the net negative results of 2,071 million generated by monetary policy operations stand out, four times less than the negative 8,389 million of the previous year, in a context of falling official interest rates.

"These smaller losses are due, on the one hand, to the decrease in interest expenses generated by the deposits of credit institutions with the Bank of Spain, a result of lower liquidity and the lower rate at which they are remunerated (they go from -8,036 million to -4,448 million)", explains the organization. And the negative results of intra-eurosystem accounts and the redistribution of monetary income are also smaller, largely due to the decrease in official rates (from -6,884 million to -3,709 million), it adds. The accounts for the year 2025 also include, on the positive side, income from foreign currency assets and the own euro portfolio, which amounted to 3,038 million.