Bankinter earns 685 million euros until September, 59% more

Bankinter closed the first nine months of 2023 with an attributable net profit of 684.7 million euros, which represents an increase of 59% compared to the same period of the previous year, as reported by the financial institution this Thursday when publishing its balance sheet. quarterly results.

The bank has highlighted that this increase occurred despite the fact that in the first quarter of the year the bank fully covered the payment of the new banking tax, which amounted to 77.5 million euros.

Total income (gross margin) was 2,005 million euros, which is equivalent to an increase of 32% compared to the period from January to September 2022. Of that figure, net interest income (interest margin) was 1,639 million euros, 54% more. Net commission income rose 2%, to 459 million euros.

By business segments, total income in property and retail banking was 728.4 million euros, 44.2% more, while business banking grew 59%, to 870.4 million. The consumer financing business experienced an increase of 17.9%, to 294.5 million

Likewise, Evo Banco's gross margin reached 51 million euros until September, 70.7% more than in the same period last year, while the business in Portugal stood at 71 million, 22.4% more , and in Ireland it reached 231.9 million, 73% more.

The capital markets business advanced 9.8% to record revenues of 199 million euros in the first nine months of the year as a whole.

The bank's operating costs between January and September rose by 6.8%, to 700 million euros. Of this figure, personnel expenses remained the largest item, with 390 million (7%), while administration expenses reached 248 million (6%). Amortizations had a negative impact of 62 million euros, 2% more.

In this way, the operating margin before provisions increased by 51%, to 1,305 million euros, while the result before taxes stood at 1,004 million, 67% more.

Only in the third quarter of the year, Bankinter's net profit was 266.8 million euros, 67.7% more than in the same period of 2022, while total income was 727.1 million, a 31% more.

PROFITABILITY AND BALANCE SHEET.

Bakinter has highlighted that its return on capital (RoE) was 17.1% at the end of the ninth month of the year, six points higher than at the end of the same period in 2022. For its part, the RoTE has also advanced to 18. ,2%.

The CET1 capital ratio, the highest quality, stood at 12.48%, which implies an increase of 59 basis points compared to a year before. The total capital ratio stood at 16.4%, 128 basis points higher.

The non-performing loan ratio experienced a slight increase of nine points compared to both September 2022 and the end of the year, reaching 2.19%. However, Bankinter has highlighted that the loan coverage ratio rose by 1.1 percentage points, to 66%.

As of September 30, Bankinter had a total of assets valued at 108,362 million euros on its balance sheet, which is equivalent to a decrease of 1.9% compared to a year before, largely due to the decrease in balances deposited in banks. central. Of that figure, the customer loan portfolio rose by 2.8%, to 74,879.2 million euros.

The residential mortgage portfolio at Bankinter totaled 34.5 billion euros at the end of September, compared to 33.4 billion a year ago, which represents a growth of 3.2% in the last 12 months.

The generation of mortgages in the first nine months of the year was 4.3 billion euros, which represents a drop of 17% compared to the same period in 2022. Bankinter has indicated, however, that mortgage activity during last year was especially intense.

The total managed assets as of September 30 were 99.4 billion euros, 11% more than a year before. The wealth banking segment advanced 12%, to 55.3 billion, after raising 2.4 billion so far this year. In retail banking, deposits have been 1.9 billion, reaching 44.1 billion in total managed assets.

Client resources managed off-balance sheet experienced a year-on-year increase of 17% at the end of September, to 41,586.1 million euros.