Bankinter has kicked off the presentation of its banking results for the first quarter, following the positive trend set by the sector in 2023. Led by Gloria Ortiz, the bank recorded a net profit of 200.8 million euros in the first quarter, an increase of 8.7% compared to the previous year. The bank has accounted for the payment of the special banking tax, which has increased by 23% to 95 million euros.
The growth in volumes, consistent commercial strategy, and management of spreads have led to an increase in all margins and have strengthened the bank’s position as a leader in both efficiency and profitability within the sector. Total income for the quarter reached 658.7 million euros, with net interest income increasing by 10.6% and net commissions by 8.5%.
Operating expenses for the bank rose by 5.2% for personnel expenses and 6.5% for administration expenses and amortizations. The operating result increased by 7.6% to 426.4 million euros. Provisions for provisions decreased by 26.2%, while losses due to asset impairment increased by 6.9%.
Bankinter saw a slight increase in its non-performing loan ratio to 2.23% in the first quarter. The return on tangible capital ratio improved by 392 basis points to 18.42%, and the CET1 capital ratio increased by 36 basis points to 12.46%. Total assets on the bank’s balance sheet increased by 6.6% to 112,938 million euros.
Customer deposits and loans to credit institutions saw significant increases, while liabilities increased by 6.5%. Off-balance sheet customer funds also grew, with investments in third-party funds and own investment funds showing positive growth. The bank experienced a decline in its mortgage portfolio production but foresees a reactivation in the market in the latter part of the year.
Overall, Bankinter’s first-quarter results show a solid performance and a positive outlook for the future.