Spain's High Court has rejected appeals by lenders Bankinter, Sabadell and Cajasur to suspend payments of the extraordinary banking tax while it reviews the levy's validity, El Economista newspaper reported on Monday. Spain approved in December a temporary 4.8% levy on banks' net interest income and net commissions above a threshold of 800 million euros ($861 million) as part of measures aimed at easing the cost of living of ordinary Spaniards amid high inflation. Some banks and associations objected to the tax and filed challenges before the High Court, while the European Central Bank also warned of adverse effects on the banking system.
MADRID (Reuters) -Spain's Bankinter hit its net profit target in 2022, a year ahead of schedule, powered by higher lending income though higher costs took some of the shine off a strong final quarter. That was slightly below the 132 million euros expected by analysts, however, as provisions rose. "A strong net interest income result was offset in large part by much higher-than-expected costs which rose 16% quarter on quarter," analysts at brokerage firm Jefferies said.
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