Bankinter has obtained a net profit of 684.7 million euros between January and September, which represents an increase of more than 59% compared to the results of the same period last year, in a context marked by the improvement in interest rates. interest and strength of financial business activity. Furthermore, for the first time, the group has exceeded 1,000 million euros in profit before deducting taxes.
The entity closes a third quarter with what it considers “the good evolution that the different business lines have experienced throughout the year, where the potential to continue growing and achieving greater market shares and profits is evident.” This greater activity and a higher rate environment have brought about improvements in all margins of the account and in all ratios: profitability, capital and efficiency.
The increase in interest rates, which this quarter has reached 4.5% after the increase last year, has allowed the bank to register an interest margin of 1,638.7 million euros, which represents 53.8% more than a year ago, with a customer margin that has been growing every quarter, up to 3.03% as of September 30 of this year, reflecting good management of spreads.
As for commissions, those received for the different operational, advisory or management services increased by 2.6% in this period. At the same time, the commissions paid to the group’s partners (financial agents and Banca Partner clients) experienced a growth of 6.1%, given the good evolution of these businesses. The difference between the two, net commissions, amounted to 459.1 million euros as of September 30, which represents a 1.5% growth compared to the figure from a year ago.
The current lower activity in the real estate market and, consequently, in mortgage activity, motivated above all by the rise in rates, has translated into new mortgage production worth 4.3 billion euros so far this year, a 17 % lower compared to the same period in 2022, which was a good year, although the data is similar to that of the same period in 2021.
As for the non-performing loan ratio, it remains at an “optimal” 2.2%, which is basis points above the figure from a year ago, but well below the average figure for the sector, which according to the Bank of Spain stood at 3.5% as of July. However, Bankinter improves its delinquency coverage to 66.2% at the end of September.
The customer loan portfolio stood at 74,879.2 million euros at the end of the quarter, 2.8% more than a year ago. As regards credit investment in Spain, growth is somewhat lower: 0.7%, the result of a slowdown in this activity in our market, although it compares well with sector data, which points to a fall in -3.2% with data as of August from the Bank of Spain.
Regarding retail customer funds, the figure reaches 78,258 million euros, which is 2.6% more than 12 months ago, with a reduction in the current account portfolio but, at the same time, with strong growth in the heading of term deposits. And all this when these resources continue to be transferred to products with greater added value for the client, such as investment and pension funds. Thus, the total resources managed off-balance sheet experienced a growth of 17% compared to the figure from a year ago. All this growth in resources, on and off balance sheet, denotes the bank’s ability to attract and capture clients in a very competitive environment.
Furthermore, the return on equity (ROE) increases to 17.1%, six percentage points more than a year ago, with a ROTE of 18.2%, among the best within the European financial sector. refers to the fully loaded CET1 capital ratio reaching 12.5%, 4.8 percentage points above the regulatory minimum required of Bankinter by the ECB, which is the lowest among listed banks in Spain, at 7.73%.
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