Madrid (EFE).- Bankinter obtained a net profit of 418 million euros in the first half of this year, 54% more, thanks to the higher income achieved in all its business lines, driven by the increase in interest rates in the euro area and by attracting business and customers.
The interest margin, which includes almost all income, grew by 60% in this period and stood at 1,068.3 million euros, while the gross margin totaled 1,277.9 million, almost 33% more, after scoring 303 million in net commissions.
In this way, the operating margin before provisions stood at 825.7 million euros, which represents an increase of 54.3%, after absorbing operating costs 5.7% higher than those of a year ago, but “lower than revenue growth”, explains the bank in a note sent to the CNMV.
The return on equity, ROE, improved to 15.5%, the highest level in recent years, while the CET1 “fully loaded” highest quality capital ratio reached 12.3%, 4.5 percentage points above the regulatory minimum required of Bankinter, which is 7.73%.
The portfolio of loans granted reached 74,597 million euros
The loan portfolio granted to customers reached 74,597 million euros, almost 3% more than a year ago in the Group and 0.4% only in Spain, in an environment of “slowdown” of this activity that has led to an average fall of 2.1% in general in the sector, according to May data from the Bank of Spain.
The delinquency of this portfolio, or the percentage of defaults, stood at 2.18% at the end of June compared to 2.1% a year ago, and with an improvement in coverage against possible insolvencies of 66.3%, compared to the previous 64.7%.
Retail customer funds totaled 77,958.5 million euros, barely 0.5% more than in June 2022, with notable growth in those managed off-balance sheet, such as investment funds and other products, which increased by almost 12%.
In the corporate business, the one that contributes the most to the Group’s income, Bankinter maintained an investment portfolio of 31,200 million euros, 0.5% more, with a fall also of 0.5% only in Spain, which was, the bank highlights, less than the 2.2% that the sector fell in Spain in general terms.
Increase in the number of mortgages by 0.4% interannual
In commercial banking, managed assets totaled 99.4 billion, almost 7 billion more, while the residential mortgage portfolio stood at 34.4 billion euros, compared to 32.8 billion a year ago.
Only in Spain, mortgages increased by 0.4% year-on-year, despite the fact that new production, of almost 3,000 million, fell by 16% affected “by the weaknesses in the real estate market and the increase in rates.”
Regarding the different geographies and activities, Bankinter Portugal achieved a profit before taxes of 85 million euros, 184% more; while Bankinter Consumer Finance, the consumer subsidiary, reached a portfolio of 6,000 million euros, which increased by almost 40%.
Of that figure, 1,700 million euros were mortgages granted in Ireland under the Avant Money brand, a figure 92% higher than that of a year ago and which contributed to a portfolio of 2,500 million that rose 64% year-on-year.
And as for the group’s digital brand, EVO Banco, credit investment totaled 3,165 million euros, 38% better than a year earlier, with 536 million euros in new production, 15% more.
Bankinter falls 3% on the stock market despite shooting its profit by 54% in the first semester
Bankinter’s shares register significant losses on the Stock Market of 3% after the opening of this Thursday and lead the falls of the IBEX 35, despite the fact that its profit shot up 54% in the first half of the year, when it earned 418 million euros.
At 9:30 a.m., its shares fell 2.99%, although at the opening they lost more than 4%. Its titles are trading at 5.962 euros per share.