Bankinter earns 430.1 million until September, 21.2% more

Bankinter Group recorded a net profit of 430.

Bankinter earns 430.1 million until September, 21.2% more

Bankinter Group recorded a net profit of 430.1 million euros during the first nine months of this year, which represents 21.2% more than in the same period last year, with improvements in margins and "strong" growth of the business, as reported by the entity.

Excluding the capital gain from the operation of Línea Directa, the bank exceeds the recurring profit of 2021 results, which included four months of income from the insurance company.

For its part, the result before taxes of the banking activity was 601.6 million euros, which represents a growth of 35.9%.

Likewise, the interest margin reached 1,065.5 million euros, with an increase of 11.6% that reflects an improvement in the customer margin, and with figures for the quarter that are, according to the group, well above those of previous quarters.

While the gross margin stood at 1,517.7 million euros, which means 6.7% more than a year ago, with an "increasing contribution" from the rest of the geographies where the bank operates: Portugal and Ireland, and the business of EVO Banco.

Of the total of these revenues, 70% correspond to the interest margin and 30% to commissions.

These commissions or income from the different activities carried out by the bank totaled 452 million euros up to September, 2% more than in the same period of the previous year.

The businesses that make the greatest contribution to these commissions are: asset management (149 million euros), the collection and payment activity (120 million), the securities business (85 million) and exchange differences (70 million ), among others.

For its part, the operating margin before provisions was 862.6 million euros, with a growth of 8% after assuming operating costs amounting to 655 million euros, 4.9% higher than those of the same period of 2021, due to higher investments in the different businesses and geographies.

The Bankinter Group has highlighted that it ends the third quarter of 2022 with "strong" growth in the balance sheet and in all business indicators, as a result of a commercial activity that maintains the good pace of the year and that translates into the improvement of all margins and the consequent result.

"These data serve to verify Bankinter's potential to expand market share in all those businesses, national and international, in which it operates; and its ability to more than compensate with purely banking activity the income that until April 2021 it received from Línea Directa", he highlighted.


All that "strength" of the business is transferred, according to the entity, to the main ratios and indicators, which "show the solidity" of the bank's balance sheet, as well as its level of solvency and profitability.

The latter, measured in terms of ROE (return on equity), stands at 11.6%, one of the highest figures in the sector, and with a ROTE of 12.3%.

In terms of solvency, the 'fully loaded' CET1 capital ratio reaches 11.90%, "very comfortably" exceeding the minimum requirement required by the ECB for an entity with the level of risk and type of activity of Bankinter, which is 7.726%.

At the same time, the bank maintains its delinquency level "well below the sector average", with a ratio of 2.10% which is even, according to the bank, lower than that of previous quarters and is 30 basis points below from a year ago.

However, Bankinter has continued to "prudently" strengthen the coverage of this delinquency to 65.1%, from 62.8% a year ago.

The efficiency ratio stands at 43.16% compared to 43.87% a year ago. That same ratio referred to Bankinter Spain for the last 12 months is 41.8%.


On the other hand, the total assets of the group rose, at the end of the third quarter, to 110,498.7 million euros, this figure being 7.8% higher than that of a year ago.

Both credit investment to customers and retail resources grew in double digits in this period, "denoting commercial strength in a complex environment," according to the entity.

Investment growth was 10.3% and reached 72,871.1 million euros, which indicates that the bank "has increased its financial support to both families and companies."

Putting the focus only on Spain, the portfolio increased somewhat less, by 6.7%, although it did so in terms higher than the average for the sector, which grew by 1.8%, with data to August from the Bank of Spain.

With regard to retail customer resources, these totaled 76,309.6 million euros, 10.4% more, with growth in Spain of 10.6%, "also above the sector", which it does 6.1% with data to August.

On the other hand, resources managed off the balance sheet assume a fall, year on year, of 7.3%, mainly due to the poor evolution of the markets and the impact it has had on the valuation of these assets.