Bankinter commences 2024 with the release of its first quarter financial results. The bank, which is known for its strong performance, has reported a net profit of 200.8 million euros in the January-March period, an 8.7% increase compared to the same period last year. This marks the best start to a year in Bankinter’s history, thanks to improvements across all business lines and markets.
Investors received these numbers with enthusiasm, causing a rise of over 2% in the stock price at midday on Thursday on the stock market. This suggests that Bankinter is setting a trend for the industry: profits continue to grow due to increased volumes in loan portfolios, although at a slower pace than in previous years. Last year, Bankinter reported a net profit of 844.8 million euros, up 50.8%.
Regarding interest margins, the bank achieved 577.7 million euros in Q1, an impressive increase of 10.6% over the same period last year. In addition, commission revenues grew by 8.5%, reaching €165.8 million during this period. These two figures are used to calculate the payment of extraordinary taxes to the banking sector for next year (based on Bankinter’s results from last year), which will be between €90 and €100 million (€165m). An additional tax that has been announced by the government will also be made permanent despite widespread opposition from the sector since its introduction.
As for solvency levels, Bankinter has exceeded what is required by BCE and closed Q1 with a fully loaded capital CET1 index of 12.46%, which is significantly higher than it was in March 2023 (€93m).
In summary, Bankinter has delivered an excellent Q1 performance with significant growth in income, margins and efficiency despite some areas that show decline due to challenges posed by market and economic conditions. Despite these challenges, Bankinter remains one of Spain’s leading banks within its banking sector.
It should be noted that this information may change as new reports come out or as regulations evolve over time. However, based on current data available from sources such as BME and other relevant institutions, it appears that Bankinter continues to perform well financially while maintaining its position as one of Spain’s top banks within its industry sector.
Overall, these developments suggest that there may be some positive trends emerging within Spain’s banking industry moving forward into 2024 and beyond that could have wider implications for investors and consumers alike if they can sustain their momentum over time.
It is important to note that this information may change as new reports come out or as regulations evolve over time
