Bankinter continues to reap record results in the first nine months of the year thanks to the rapid increases in interest rates and the ability of its clients to repay debts, with default ratios at minimum levels. However, the change in scenario can already be seen in its credit portfolio and, specifically, in the subscription of new mortgages, which fell by 17%, to 4.3 billion euros.
Net profit in the first three quarters of the year stood at 685 million euros, 59% more, and reached 1,003 million euros before taxes. It is the first time that the bank exceeds the 1,000 million mark, and it does so despite having paid 77 million euros for the Government's new tax on "extraordinary banking profits."
Income amounted to 2,005 million euros, 32% more, the result of a 54% increase in interest margins - the difference between what it receives for loans and what it pays for deposits -, up to 1,639 million , and a 2% increase in commissions, up to 459 million.
The margin per client is 3.03% as a result of the fact that they obtain average interest of 4.12% for loans and pay an average of 1.09% for deposits and other savings and investment products. The entity's profitability has risen from 11% to 17% in just one year, and it has done so with a default of just 1.83%, compared to 1.71% a year ago.
The percentage of households with default is different from that of companies. If the former, thanks among other things to the good performance of employment in Spain, the percentage is barely 1.9%, among the latter it reaches 3%.
Its ratio of good quality capital to the value of risk-weighted assets, which is how the ECB measures the solvency of banks, is 12.5%, 4.8 points above regulatory requirements.
In wealth banking, where the clients with the highest wealth are found, the volume managed reached 55.3 billion euros at the end of September, which represents an increase of 12% after the fundraising of 2.4 billion euros so far this year.
Bankinter has a mortgage portfolio worth 34.5 billion euros. In the case of its digital bank Evo Banco, new mortgage production in the first nine months of the year was 699 million euros, 4% less than a year before.
