Caixabank, Spain’s biggest domestic lender by assets, began offering six million of its customers pre-approved credit in May, and Santander has made similar offers worth 90 billion euros .
“If consumption is reactivated, consumer credit will be too, and that can be a source of improved profitability,” said Eduardo Areilza, senior director at consultancy Alvarez & Marsal. Analysts at Credit Suisse and Jefferies see signs that consumer loan activity is bottoming out and expect a resurgence.“Consumer lending has been typically under pressure during COVID but we would expect momentum to pick up through the rest of the year as lockdowns ease,” Jefferies said.
A less stable credit environment was a factor in that drop, with Spanish banks’ bad loan provisions rising to 8.7 billion euros in 2020 as a whole.
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