Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (Sareb) closed the financial year 2024 with losses of 2,826 million euros, an increase of 28.6% compared to the 2,197 million recorded in 2023. According to the bank, this negative result is mainly due to the accounting impact of the revaluation of its portfolio, which has caused an impairment of 2,142 million euros.
At the same time, Sareb's total income increased by 12.2% to 1.17 billion euros, with growth of 37% in the development business, which generated 383 million euros. The direct sale of real estate assets also increased by 2% to EUR 589 million, while income from loan management amounted to EUR 198 million, 8% less than in 2023.
During the year, Sareb sold 13,081 properties, 9% more than in the previous year. Of these operations, 4,682 corresponded to direct sales, while the remaining 8,399 were executed by third parties, mainly developers of real estate secured loans assigned to the company.
In terms of its balance sheet, the total value of Sareb's assets stood at EUR 14,595 million at the end of 2024. Of this figure, 57% corresponds to real estate assets and 43% to loans, which have lost value due to the maturity of operations and the low expected recovery. These adjustments have significantly affected the bank's net worth, which has gone from 2,184 million euros to just 42 million euros, a fall of 98%.
In its annual report, Sareb highlights that since its creation it has received a total of 19,369 million euros from the sale of assets, equivalent to 47.6% of the acquisition value. Despite the deterioration in assets, the company insists that its activity has generated liquidity for the financial system and has significantly reduced the indebtedness associated with bank restructuring.
The company, majority-owned by the State through the FROB, was created in 2012 with the aim of managing and liquidating the troubled assets transferred by the rescued financial institutions. In April 2024, Sareb was reclassified as part of the state public sector by the National Statistics Institute and the Bank of Spain, which meant that its debt would be counted as public debt.
