For the first time in years, smiles are in evidence on the faces of the CEOs of Spain's banks. Small wonder, with 2013 results pointing to solid and sustainable profitability in a post-meltdown environment of fledgling economic recovery.
The country's banks have taken heart from modest gross domestic product (GDP) growth forecasts for 2014, ranging from the International Monetary Fund’s prediction for 0.6% (three times what it had forecast in October 2013) to the Spanish government's more bullish 1% estimate. This in turn has encouraged some of the rating agencies to revise their outlook on the country's major banks from 'negative' to 'stable'.
