By Jesús Aguado
Consumer lending in Spain has hit levels not seen since the eve of the global financial crisis, reflecting both the Spanish economy’s strength and a shift in focus from mortgages to more profitable but riskier credit among the country’s banks.
Lending in Spain plummeted after the 2008-2009 crisis, but consumers have been emboldened by the Spanish economy, which has grown at double the rate of the European Union average this year with expectations it will outpace the bloc again in 2026.
“We still believe that there is more room for growth in consumer lending in a healthy way as the labour market is very solid,” said Javier Gaztelu, deputy managing director and head of lending and payments at Sabadell SAB.
Sabadell’s performing consumer loan book rose 19% year-on-year as of September, above a 5.6% mortgage loans increase.
SPANISH POPULATION REACHES RECORD
Gaztelu said a…
