Online banking profits soar in Spain

Online banking profits soar by 71.4% It was not long ago that online banks in Spain collected losses. Nevertheless, a few years past on-line banking started to be prosperous because of an aggressive commercial policy aimed at bringing new customers and the amounts of this year suggest that ebanking increasingly more are being used by Spaniards. In the very first fiscal quarter of 2007 Spanish online banks Inversis, Bancopopulare, Uno-e and Openbank increased 12.32 million euros in gains which is 71.4% more than for the same period last year according to figures just released published by the Spanish Association of Banks (AEB). The most important reason behind such a sudden rise in gains for on-line Spanish banks has become the extraordinary increase of Openbank, an associate of the Santander Group, whose gains quadrupled to 4.3 million euros for the first fiscal quarter this year. Inversis additionally experienced a significant rise in gains of 1.58 million euros for the first quarter this year compared to only 460,000 euros in the same period in 2005. Unoe, a web susidiary of BBVA, raised gains by 53.9%, to 5.24 millon in the first quarter of 2007, compared to 3.4 million for the same span last year which makes it the most lucrative Spanish online bank. Bancopopulare, was the only online bank not to improve on the performance of last year and saw its profits drop. Actually it just registered a gain of 1.18 million euros in the first quarter of 2007 which is 56.4% less than last year. Openbank was the clear winner when it came to savings accounts with its customers depositing 84% 3,901 million euros, more than all the other Spanish online banks. 2007 was begun by the internet division of Santander Consumer Finance by increasing interest rates on deposit accounts. Unoe came second with deposits of 1,183 million euros followed by Inversis, with 613.5 million euros and Bancopopulare with 331.04 million euros. But, the internet division of Banco Popular surrendered the most credit to its customers at 1,065.5 million euros followed by Uno-e which allowed 967.9 million euros in credit, Openbank came much behind allowing only 199.2 million euros to its customers and Inversis came last surrendering only 126.6 million euros in credit. Connected:Position of Spanish banksSpanish banksEcommerce in Spain