Immune to rate cuts: Bankinter breaks new profit record and earns 731 million until September, up 6.8%

Descent interest rates By European Central Bank (ECB) doesn’t ruin bills Bankinter which ended the first nine months of the year with net profit 731 million euro, which means 6.8% more than was obtained in the same period last year, and its profit before taxes amounted to 1.083 million euros, an increase of 7.9%, as the bank reported this Thursday to the National Securities Market Commission of Spain (CNMV).

Bankinter attributes the growth of its accounts to commercial activities of the bank already older diversity of your business, as stated in the statement, which said the group was “offsetting the falling interest rate environment with growth in business volumes, both in credit investments and client resources, with a particular focus on those managed off-balance sheet.”

Regarding the profitability of own resources (ROE), remains at 17.1%At the same time, ROTE consolidates at the level of 18.2%, which corresponds to the indicators a year ago. While The CET1 capital adequacy ratio at full capacity improved slightly to 12.6%.which is 470 basis points higher than the regulatory minimum required by the ECB from Bankinter, which is 7.86%, the lowest among listed banks in Spain.

It also remains stable default rate at 2.2% For the entire Group and in Spain, the figure is 2.6%, compared with a sector average of 3.4% as reported by the Bank of Spain in August. In terms of liquidity, the deposit to loan ratio rises to 105.8% and the efficiency ratio rises to 34.6%.

All fields groups closed in September up compared to last year. One of interest reached 1.728 million euro, up 5.5% compared to the same period a year ago, despite falling interest rates and rising resource costs.

He gross profitwhich includes all Group revenues, has reached 2.151 million Euro, 7.3% more than a year ago, thanks to “strong performance in fee income, primarily from services that add value to loyal customers,” according to a bank statement, which added 668 million euro to commissions feels almost like 10% more this is a year ago.

Among them commissions from the asset management business, 239 million.with growth 16%; received from transactional collections and payments business – 145 million, up 7%; or the securities business, which includes management, custody and brokerage activities, which grew 10% to €98 million.

If the total amount of commissions collected is subtracted from those that the bank pays to its commercial partners in the Agent Network and Partner Banking, the figure reaches €521 million in net commissionswhich grow in 13.5% compared to the same period last year and already account for 24% of the Group’s income.

It also increased Operating profit before provisions, 7.8% at the same level as the previous year, to 1.407 million euros, including costs, which grow by a comparative 6% due to increased investment in new projects. Higher income growth led to bank efficiency is located in 34.6%, down 27 basis points than last year’s ratio.

Bankinter Group ended September with some total assets 118.376 million Euro, 9.2% more this is a year ago. The customer loan portfolio reached EUR 78.359 million, which is 4.7% higher than at the end of the third quarter of 2023. As for retail customer resources, they reached 81.287 million euros, which is 3.9% more than a year ago.

Regarding resources managed off-balance sheet, which brings together own and third-party investment funds sold by the bank, pension funds, asset management funds, SICAV and alternative investments, They amounted to 54.903 million. euro, which means Increase by 23.3%which is 10.383 million more than a year ago.

The bank has gained market share in all the countries in which it operates, but His main source of income is still in Spain.including EVO. investment portfolio In our country it is located in 65 billion euro, with an increase of 2.4%.

As for client resources, they reach 75 billion euros, or 5% more, and managed off-balance sheet resources increase by 25% annually, to 51 billion. The result before taxes in Spain was 998 million. Euro, 8% more.