Bankinter earned 731 million as of September, up 6.8%, and maintained a profit margin of 17.1%.
Bankinter won 731 million euro between January and September, a figure that represents 6.8% increase compared to last year and maintains 17.1% return on equity (CAVIAR). Their numbers are slightly lower than the 737 million projected by the Bloomberg consensus, which expected growth of 7.61%.
The account is slowing down from the 13.3% growth recorded in the first half, but this Thursday the company explained that it had achieved “solid growth” across its customer business volumes, offsetting the high-stakes scenario. with a particular push in managed off-balance sheet resources, where volume increased by 23.3%, and in credit, increasing by 5%.
It maintains profitability at 2023 levels, albeit slightly below the figure recorded in June last year (ROE then stood at 17.7%), putting the efficiency ratio “in line with sector leadership” at 34.6%; and increases the share of non-performing loans to 2.2%. Its return on tangible assets, or RoTE, stands at 18.2%, also in line with last year.
The accounts confirm the cost of paying the full emergency bank tax at 95 million, up from 77 million recorded last year.
The company, led by Gloria Ortiz, explained that it is “consolidating the year’s trend with above-market growth across all business lines and geographies” where it operates, “driving the diversification of its revenue streams.”
Growing commercial activity contributed to higher margins across all accounts. Interest margins rose 5.5% to 1.728 million, despite the European Central Bank (ECB) cutting rates from 4.5% to 3.25%. Gross profit, or more like banking income, increased by 7.3% to 2.151 million, with fee income increasing by 10% to 668 million.
Operating result before provisions increased by 7.8% to €1.407 million after including the cost item, which also increased by 6% “due to increased investment in new projects.”
In the business sector, the volume of loans to customers increased by 4.7% and reached 78.359 million; retail client funds amounted to 81.287 million euros, or 3.9% more. Resources managed off-balance sheet, which includes client referrals to products such as investment and pension funds, funds and alternative investments, increased by 23.3% to $10.383 million.
LinkedIntoo loud