Bankinter wraps up its best quarter earning 418m through June, up 54%

Bankinter finished his best semester. The bank, led by Maria Dolores d’Ancuza as CEO, reported a profit of 418 million euros in the first quarter of 2023, which means 54% more than the same period last year And its best historical figure is between January and June. In addition, it made a profit despite the fact that in the first quarter the bank had an extraordinary fee of 77.5 million due to the corresponding temporary bank tax for last year, which is to be paid in 2023. However, the results did not convince at the beginning of the trading session Titles fell more than 4%.

Bankinter accounts have been boosted by the continuous rise in interest rates by the European Central Bank (ECB) in the past year, which has allowed the entity Launching all indicators of typical banking businessDespite the general stagnation in the production of new credit. Bankinter posted a gross margin of 1,278 million, which is up 33%. It was favored above all by higher income in the interest margin, amounting to 1,068 million (+60%), while income from commissions remained unchanged at 303 million.

In terms of activity, new credit production barely increased by 0.4%, in a Industry slowdown environment Due to higher financing costs, the average decline in Spain was 2.1%, according to Bank of Spain data for May.

Thus, the output of new mortgages generated in the first half of the year decreased by 16% to 2900 million. The bank’s mortgage portfolio in Spain grew by 0.4%. This lower production was offset by the activity of Bankinter Consumer Finance, the bank’s subsidiary dedicated to consumer business, whose investment portfolio reaches 6,000 million, with an increase of 39% over the same date in June 2022.

Regarding payroll accounts, which is one of the Products through which the bank achieves the largest volume of new customers, 5% increase in the number of accounts year on year. However, deposited balances decreased by 13% due to conversion to other products, according to the entity.

Through lines of business, Bankinter has been able to grow in all areas of business. Thus, the commercial business, which contributes the largest volume of income to the bank, raised its investment portfolio to 31.200 million, up 0.5% from last year.

In commercial banking, wealth under management among Wealth Banking clients, which includes clients with greater economic power, amounted to €55,400m, which was 11% more than the figure registered a year earlier, with new net wealth collected at €2,400m. . midyear. In retail banking, which includes the rest of the clients, assets under management are €44,000m, up 7% more.

On the other hand, with regard to solvency indicators, the capital ratio CET1 fully loaded reached 12.3%, which is 0.4 points higher than last year and Much higher than the 7.73% required by the European Central Bank. Delinquency levels remained practically unchanged at 2.2% (2.1% in June 2022) despite the increase in coverage of these outstanding loans from 64.7% to 66.3%.

The return on tangible resources (ROTE) was 16.4%, which represented One of the highest levels of profitability in the entire sector in Spain and Europe (In June 2022 this indicator was at 12.25%). Likewise, the efficiency rate fell to 35.4% (a bank is considered effective when this ratio is less than 50%) from 44.0% a year ago.

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