Barclays cuts Caixabank and Bankinter on rate sensitivity
** Barclays cuts Spain's Caixabank CABK.MC to "equal-weight" from "overweight" and Bankinter BKT.MC to "underweight" from "equal-weight" as interest rates are expected to decline further
** It lowers Spanish banks net interest income estimates by around -2% on average in 2025 and -1% in 2026
** "Revenue contracting, rising cost, stagnant provisions and higher capital requirements make for a comparatively less appealing scenario over the next two years", it says
** The potential for additional windfall tax charges poses also a risk for the sector, Barclays adds
** The broker points out the question remains as to whether lower rates will lead to "meaningful" volume growth and how effectively banks can manage deposit reduction while competing for clients
** Santander SAN.MC is Barclays' preferred name in Spain as it is the only stock where the broker sees year-on-year earnings growth in 2025/26
Reporting by Matteo Allievi
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