Bankinter sprouts your own records. The bank has reached in the first quarter of the year a benefit of 270 million euros, 35% more than the same period of the previous year, despite the cuts in the price of money undertaken by the European Central Bank (ECB). Profitability is also triggered, with rotation (profitability on tangible capital) in 19.9%.
Falls in the price of money cause a decrease in the margin of interest of 6%, to 541 million. The fall has been 1.7% with respect to the fourth quarter. The customer margin is maintained at 2.71%, at levels of closing the previous year. credit yield falls to 3.95% and the cost of deposits at 1.24%.
However, this is compensated for a 13% increase in commissions, up to 188 million, supported by a 15% rise in the asset management business. The gross margin increases by 11%, to 732 million. In addition, it benefits from the new bank tax design, which allows you to release the payment of 95 million from the previous year and be able to distribute it throughout the year, instead of in the first quarter.
On the other hand, the costs have increased by 16%, to 269 million. The Bank explains this increase in an attempt to avoid the concentration of costs in the second half of the year due to the calculation of employee variable incentives and periodify them throughout the year. Efficiency remains one of the best in the sector, in 36%.
The entity also relies on an advance of business volumes, which have increased by 9%. Credit investment has increased by 5% and retail resources, 7%. In commercial banking, resources in payroll and digital accounts increased by 7% to 736 million. On the credit side, after years of decrease in the mortgage business, the production of new mortgages has shot 31% compared to the same period of the previous year, while the mortgage portfolio has grown 6% and the credit to companies adds 5%. Much of the growth comes from the outside resource area (investment funds or broker), where 17%progresses.
As for the solvency, the CET 1 Fully Loaded ratio is 12.35%, compared to 12.41% to which the 2024 year closed. The delinquency rises slightly, to 2.16% and the liquidity is maintained 105%.
For geographies, in Spain the bank earns 15% more, to 312 million, with a 9% decrease in the margin of interest and an advance of 14% in commissions. In Portugal the benefit increases by 19%, with improvements of 7% in the margin of interest and 9% in commissions. And in Ireland, where the bank has increased the investment by 23%, the benefit has also risen 18%.
Related news :