Bankinter closed the first quarter with a new increase in profits, which adds to last year’s record results and shows, despite the messages from the Bank of Spain, that banks are still in a favorable moment for their business cycle. of interest rate increases.
The entity, now led by Gloria Ortiz replacing María Dolores Dancausa, earned 201 million euros in the first quarter of the year, 9% more than in the same period of the previous year. Its profitability stood at 17.4%, while the solvency ratio is 4.6 points above what the ECB requires, at 12.5%.
In the first quarter, the bank noted the impact of the extraordinary banking tax for the year as a whole. In 2024, according to its calculations, it must disburse 95 million euros, compared to 77 million in the previous year. Since the tax is levied on income, it increases with increased activity.
The two main outcome variables registered improvements at the start of the year. Interest margins, which include the difference between what was received from loans and what was paid for deposits, increased by 11%, to 579 million, while commission income amounted to 166 million euros, 9% more.
Bankinter highlights its ability to grow above the competition. Credit investment increased by 5%, while the resources of retail clients experienced an increase of 6%, compared to 18% in their off-balance sheet activities, which are those related to investment funds, pensions and wealth management .
The bank attributes the quarter’s progression to “the consistency of its commercial strategy, the good management of spreads and the promotion of higher value customer segments.” The risk profile is contained, with controlled defaults, he explains.
The default is at a level that the entity describes as “optimal.” It is just 2.2%, only 0.05 points above a year ago. In the case of Spain, it rises to 2.6%, from the previous 2.4%, compared to the sector average, which was 3.6% in January.