MADRID: Spain’s Caixabank, Catalonia’s largest lender, and the country’s economy minister reassured bank customers that their deposits are secure from a growing crisis in the region.
“Catalan banks are Spanish banks and European banks are solid and their clients have nothing to fear,” Luis de Guindos, Spain’s Economy Minister said after mass protests during a banned independence vote in the northeastern region.
He made those comments after Caixabank told staff in a memorandum reviewed by Reuters that they should proactively communicate to our clients “our commitment to the defense of their interests”.
In the note, sent to staff late on Tuesday, the bank “reiterated that the sole objective of the entity is to protect at all times the interests of its customers, shareholders and employees, guaranteeing the integrity of deposits”.
A spokesman for the bank, which has its headquarters in Barcelona, declined to comment further.
The referendum and its aftermath have plunged Spain into its worst constitutional crisis in decades, and are a political test for Prime Minister Mariano Rajoy, a conservative who has taken a hard line stance on the issue.
Spain’s Banco Sabadell, the country’s fifth-largest bank with a large business in Catalonia, also attempted to calm jitters.
“(Sabadell) has the mechanisms and will take the necessary measures to continue operating normally inside the Euro zone, guaranteeing the interests of its shareholders, clients and employees, in whatever scenario,” Josep Oliu, its chairman, said on Tuesday.
Both banks have seen their share price fall in recent days amid the turmoil. On Wednesday, Sabadell’s stock price was down almost 4 percent, while Caixabank had slipped by slightly more.
Tens of thousands of Catalans demonstrated in the streets of the northeastern region against action by the police, who tried to disrupt Sunday’s vote by firing rubber bullets and charging into crowds with truncheons. The protests shut down road traffic, public transport and businesses.
Pro-independence parties who control the regional government staged Sunday’s referendum in defiance of the Constitutional Court, which had ruled that the vote violated Spain’s 1978 constitution which states the country is indivisible.
Catalonia, Spain’s richest region, has its own language and culture and a political movement for secession that has strengthened in recent years.
Those who participated in Sunday’s ballot voted overwhelmingly for independence, a result Catalan leader Carles Puigdemont said is valid and must be implemented.
Catalan savers reassured that Spanish bank deposits are safe
Catalan savers reassured that Spanish bank deposits are safe
Saudi Maaden reports 156% profit surge to $2bn on strong commodity prices, record production
RIYADH: Saudi mining and metals company Maaden has reported a 156 percent jump in its net profit attributable to shareholders for 2025, driven by higher commodity prices, record production volumes, and a one-off bargain purchase gain.
The state-backed giant posted a net profit of SR7.35 billion ($1.95 billion) for the full year 2025, an increase from SR2.87 billion in the previous year. The firm’s revenue surged by 19 percent to SR38.58 billion, up from SR32.55 billion in 2024.
This comes as Saudi Arabia steps up efforts to expand its mining sector as a pillar of economic diversification, encouraging international participation and private investment to unlock the Kingdom’s estimated $2.5 trillion in untapped mineral resources under Vision 2030.
In a statement on Tadawul, the company said: “Performance was led by record phosphate production, near record aluminum production, an increase in all three of Maaden’s main output commodity prices.”
The performance was also fueled by a 60 percent increase in gross profit, which reached SR14.79 billion. In its annual results announcement, Maaden attributed the top-line growth to “higher commodity market prices for phosphate, aluminum and gold business units,” as well as increased sales volumes in its phosphate and aluminum segments. This was partially offset by slightly lower sales volume in the gold unit.
Maaden’s CEO, Bob Wilt, hailed 2025 as a transformative year for the company, marked by strategic growth and operational excellence. “This was a great year for Maaden’s strategic growth. We delivered strong financial results and sustained operational excellence across the business,” he said in a statement.
“This was driven by growth in production across all businesses, including record-breaking DAP (di-ammonium phosphatevolumes), disciplined cost control across and a clear commitment to our role as a cornerstone of the Saudi economy,” Wilt added.
Profitability was further bolstered by an increased share of net profit from joint ventures and an associate. This included a one-off bargain purchase gain of SR768 million related to Maaden’s investment in Aluminium Bahrain B.S.C. The company also benefited from lower finance costs.
The fourth quarter of 2025 was strong, with Maaden swinging to a net profit of SR1.67 billion, compared to a loss of SR106 million in the same period of the prior year. Quarterly revenue rose 7 percent to SR10.64 billion.
The firm achieved record production of di-ammonium phosphate, reaching 6.72 million tonnes for the year, a 9 percent increase. Aluminum production remained near-record levels, while the company added a net 7.8 million ounces to its reportable gold mineral resources through discovery and resource development.
The phosphate division saw sales jump 17 percent to SR20.77 billion, with the earnings before interest, taxes, depreciation, and amortization margin expanding to 47 percent. The aluminum business reported a 9 percent increase in sales to SR10.99 billion, with EBITDA more than doubling in the fourth quarter.
Looking ahead, Wilt emphasized that the pace of growth will accelerate as the company advances key initiatives, including the Phosphate 3 Phase 1 and Ar Rjum projects, which remain on budget and schedule. Maaden has also secured a gas supply for its future Phosphate 4 project.
“This pace of growth will only accelerate. Not only as we advance projects and increase the scale of our exploration program, but as we continue to grow production and implement technology that will further modernize, streamline and unlock value,” Wilt added.
Earnings per share for the year rose sharply to SR1.91, up from SR0.78 in 2024. Total shareholders’ equity increased by 18.7 percent to SR61.59 billion.
