Banks and unions were trying to reach an agreement with the banking associations to offset the loss of purchasing power caused by steep rates of inflation.
Wages in the financial sector have been barely touched as staff costs remained subject to the 2021-23 labour agreement signed with the unions.
"The agreed improvement will mean an increase of 4.5% on the 2022 salaries, instead of the 1.25% that was initially foreseen," the AEB said in a statement.
Most of Spain's largest banks such as Santander, BBVA, Sabadell and Bankinter are members of AEB.
(Reporting by Jesús Aguado; Editing by Corina Pons and Grant McCool)