Bankinter earns 201 million until March, 9% more, after paying 95 million for the tax

Bankinter recorded a net profit of 200.8 million euros in the first quarter of 2024, which represents an increase of 8.7% compared to the 185 million it obtained in the same period of 2023, according to the accounts. quarterly reports that the bank published this Thursday.

As it did last year, the bank has fully accounted for the bank excise tax payment in this quarter's accounts. The rate has risen by 23%, to 95 million euros, compared to the 77 million that the bank paid last year.

"The increase in volumes, thanks to the consistency of its commercial strategy, the good management of spreads and the promotion of the highest value customer segments, has generated growth in all margins and has consolidated the bank in sector leadership positions. both in efficiency and profitability," the bank explained in a statement.

Total income between January and March (gross margin) increased by 6.9%, to 658.7 million euros. Of that figure, net interest income (interest margin) stood at 577.7 million euros, 10.6% more, while net commissions collected improved by 8.5%, to 165.8 million

In the first quarter as a whole, the bank's personnel expenses rose by 5.2%, to 128.1 million euros, while administration expenses and amortizations stood at 104.1 million, 6 .5% more. In this way, the operating result reached 426.4 million euros, 7.6% more.

Between January and March, March recorded provisions for provisions of 17.1 million euros, 26.2% less, while losses due to asset impairment were 80.6 million, 6.9% more.

Bankinter recorded an increase of five basis points in its non-performing loan ratio in the first quarter, standing at 2.23%, compared to 2.18% last year.

The return on tangible capital (RoTE) ratio was 18.42%, which implies an improvement of 392 basis points compared to a year before.

In addition, the bank saw its CET1 capital ratio improve by 36 basis points, to 12.46%. Bankinter has indicated that the ratio for the first quarter of 2023, which was 12.1%, has been recalculated "given the adoption of a more conservative criterion in the treatment of some guarantees when calculating assets weighted by credit risk ".

At the end of March, the bank's balance sheet had 112,938 million euros in assets, 6.6% more than a year before. Of this figure, loans and advances to customers were 74,290 million euros, 4.3% more than the previous year.

While cash deposited in central banks fell 25% in the year, to 9,881 million euros, loans and advances to credit institutions rose 141%, to 9,133 million euros.

For its part, the bank's total liabilities reached 107,505 million euros at the end of the quarter, 6.5% more. Of that figure, customer deposits experienced an increase of 11.4% in the year, up to 80,070 million euros, while those of other credit institutions doubled, up to 11,052 million euros.

In this sense, private sector deposits in demand accounts decreased by 11.5%, to 53,146 million euros, while time deposits doubled their volume, up to 21,055 million euros.

Off-balance sheet customer funds were 50,481 million euros at the end of the quarter, 18.4% more. Assets in third-party investment funds grew by 18.8%, to 21,217 million euros, while own investment funds grew by 14.9%, to 13,960 million euros.

The best performance compared to a year before was seen by the SICAVs, which increased their assets by 29%, up to 6.5 billion euros. Alternative investments stood at 4,658 million, 17.5% more, while pension funds and insurance contracts reached 4,145 million, 14.5% more.

Bankinter's mortgage portfolio recorded new production in the quarter for an amount of 1,300 million euros, 20% less than that observed a year ago. Bankinter has attributed this to the current weakness of the real estate and mortgage market, to a seasonal factor due to the inclusion in this quarter of the Easter holiday period, unlike the previous year; and to the comparatively inferior data from Bankinter Portugal.

In any case, the total portfolio experienced an increase of 2.5% year-on-year because the pace of amortizations has been reduced. Likewise, the bank foresees a reactivation of this market in the second part of the year, given a possible drop in the Euribor and a better-than-expected macroeconomic environment.