Bankinter reached maximum profit and profitability in the first quarter of the year thanks to the new cycle of interest rate hikes by the ECB. The bank earned 185 million euros, 20% more, despite having dedicated 77 million to the new tax on the sector for what the Government considers "extraordinary benefits" from the unforeseen situation of the invasion of Ukraine.
The interest margin, which is the accounting heading in which the rise in interest rates is appreciated, increased by 63%, up to 522 million, while commissions grew less, 4%, up to 153 million. These two variables show a gross margin of 616 million, 23% more.
The results before taxes were 294 million euros. From this figure, the bank subtracts 84 million from regulatory costs and another 77 million from the new banking tax, which Bankinter appealed "on the first day", as its CEO, María Dolores Dancausa, said.
Non-performing loans rose slightly compared to the previous quarter and stood at 2.18%, compared to 2.1% at the end of 2022. It is equivalent to 1,780 million euros, but it is below the levels of the first quarter of the year former.
The bank has exceeded 13.7% profitability, thanks to margins that "grow at very high rates, boosted by the increase in rates" and to "higher business volumes and commercial activity more oriented towards investment products" .
Profitability levels are the highest in recent years and occur in a positive quarter for banks due to interest rate rises, but also plagued by tensions and uncertainties due to the SVB crisis in the United States and, above all, the Credit Suisse in Switzerland.
Faced with the turbulence, Bankinter's message is that it has a diversified portfolio and a good relationship between loans and deposits, which have become a source of uncertainty after the massive withdrawals in the cases of SVB and Credit Suisse.
