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Malaga
Monday, 9 June 2025, 09:34
In a context of intense geopolitical and international trade uncertainty, banks remain a source of reassurance for investors and markets alike. However, Spanish banks still face considerable pressures resulting from this situation, despite having achieved excellent results by the end of 2024.
In fact, the Bank of Spain, in its latest financial stability report, identified “the escalation of geopolitical tensions” as “the main risk” to the global economic system. The report outlined the impact and potential risks arising from recent international developments -from conflicts in the Middle East to the start of Donald Trump’s second term in the United States, as well as cyberattacks, which continue to pose one of the most serious threats to the economy of businesses, both global and local, including the many SMEs that make up the business landscape in the province.
“The US presidential elections bring uncertainty over the direction of the country’s policies, whose effects are felt worldwide,” the report noted. This uncertainty has only grown recently, following the announcement of the Trump administration’s new trade tariff policy.
However, the Bank of Spain’s report also highlights some positive aspects, such as Spain’s economic growth outpacing the European average over recent quarters, the strong financial position of the private sector, rising household incomes and promising results in Spanish corporate profits. All these factors have enabled Spanish banks to maintain their strength and resilience, serving as a key pillar for business development and growth plans.
In the face of this uncertain outlook, Unicaja Banco, headquartered in Malaga, once again demonstrated its strength, closing 2024 with profits of 573 million euros -more than double the figure recorded the previous year.
During the bank’s most recent shareholders’ meeting, CEO Isidro Rubiales reaffirmed the forecasts set out in Unicaja’s 2025–2027 strategic plan: “The challenge is to achieve, after an exceptional year and in a context of expected interest rate cuts, a result exceeding 500 million euros in each of the next three years. It’s an ambitious target that would see us generate more than 1.6 billion euros over the period.” This projection represents a 40% increase compared to the previous three-year period.
One key strategy Unicaja has implemented to meet these targets is a stronger focus on business banking. “We want to be close to businesses’ day-to-day operations and become their go-to bank by boosting working capital products and doubling their share in our business credit portfolio,” Rubiales recently stated.
The province’s positive financial outlook is also reflected in its local administrations. Malaga ended 2024 as the second least indebted city among those with over 500,000 inhabitants. Malaga city council closed the year with a debt of 256 million euros - a figure that drops to 207 million if loans for the construction of social housing are excluded.
On a personal level, residents of Malaga have responded to the current climate with notable caution, reducing their debts and increasing their savings, as highlighted in a recent report by SUR journalist Cristina Vallejo. As a result, average savings per person in Malaga reached a historic high, while personal debt levels continued to fall, according to data from the Bank of Spain.
These figures show that by the end of 2024, individuals, businesses and public administrations in Malaga held a record 37.5 billion euros in bank deposits - an increase of 3.85% compared to 2023. Meanwhile, the total amount owed by Malagueños to financial institutions fell to 32 billion euros, 5.1% less than the previous year.
The province’s growing population and thriving business ecosystem - with a rate of new company creation above the national average - are key factors behind this encouraging combination of increased savings and reduced debt. These trends also reflect a cautious and responsible financial approach in the face of global uncertainty.
Together, these figures point to a position of financial strength among the people, businesses and institutions of Malaga, enabling the province to navigate the current climate of geopolitical instability without losing momentum in its ongoing economic and business success.
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