The largest financial restructuring ever made to date in Spain has led to the disappearance of Spanish savings banks. This paper analyses profitability in banks and savings banks of the Spanish financial system with the aim of establishing the components that determine bank profitability, measured by ROE and ROA, and to ascertain whether among these determinants were the two variables considered essential by the Bank of Spain to carry out the restructuring: the structure of the ownership (either savings bank or bank) and entity size. Results indicate that differences in profitability do exist as a consequence of size and, indirectly, between banks and savings banks. Regarding the determinants of profitability from profit and loss accounts, commissions, margin of interest, results of financial operations, administrative expenses, impairment and results of investments are revealed as the most significant.

Key words: Financial crisis, Savings Banks, Banks, Profitability, Spanish Financial System.
JEL Classification: G14, G-21, G32, G34.