Bankinter Kicks Off 2024 with Profits of €200.8 Million, Setting a Trend in Spanish Banking Sector
The Spanish banking sector kicked off the year 2024 with Bankinter leading the way. As expected, Bankinter launched the new year with its first financial results, which showed a gain of €200.8 million, up 8.7%, from January to March, according to information released by the Comisión Nacional del Mercado de Valores. This was the first set of figures from Gloria Ortiz, the new CEO of the group, who has managed to achieve the best first trimestre in Bankinter’s history thanks to improvements in all business lines and markets.
Investors received these numbers with enthusiasm, causing a rise in stock prices of more than 2% at midday on Wednesday on the stock market.
Bankinter’s success is likely to set a trend in the banking sector: profits continue to grow due to increased volumes of credit card portfolios, although this growth is expected to be slower than last year. It’s worth noting that last year Bankinter made a profit of €844.8 million, up 50.8%.
In terms of interest rates, Bankinter achieved €577.7 million in earnings for the first quarter, up 10.6% from the same period last year. And net commission advance was up by 8.5%, reaching €165.8 million. These two figures are used to calculate tax payments for banks in Spain and Bankinter will pay between €90 and €100 million in taxes for 2024 (based on its figures for 2023). A tax that the government has announced will be permanent despite opposition from the sector since its implementation.
As for solvency, Bankinter is well above what is required by the BCE and closed out Q1 with an index CET1 completely loaded (highest quality) at 12.46%, up 36 basis points from what it had at March 31st last year
