Deutsche Bank lifts Spanish banks on resilient NII outlook
23/02/2026 08:00
** Deutsche Bank upgrades Spanish banks Bankinter BKT.MC and Banco Sabadell SABE.MC to "buy" from "hold" and CaixaBank CABK.MC to "hold" from "sell", citing a resilient net interest income (NII) outlook ** The broker notes NII strength in 2025, driven by proactive liquidity management and a faster-than-expected loan growth recovery ** It sees NII to regain an upward trend in 2026 and points to broadly stable net interest margins and strong business activity, leading to RoTEs at or above 20% for most Spanish banks from 2027 onwards ** "This robust outlook, supported by strong asset quality and healthy capital generation, suggests a positive trajectory for Spanish banks with limited risks amid a benign macro environment," it adds
| COMPANY | RATING | OLD RATING | PT | OLD PT |
| Banco Sabadell | Buy | Hold | EUR 3.80 | EUR 3.40 |
| Bankinter | Buy | Hold | EUR 15.80 | EUR 13.50 |
| CaixaBank | Hold | Sell | EUR 11.05 | EUR 9.15 |
| Banco Santander | Buy | Buy | EUR 11.50 | EUR 9.80 |
| BBVA | Buy | Buy | EUR 21.25 | EUR 19.75 |
| Banco Unicaja | Hold | Hold | EUR 2.75 | EUR 2.55 |