Bankinter has announced its financial results for the first quarter, revealing a significant increase in net profit to 200.8 million euros, up 8.7% from the previous year. The bank fully accounted for the special banking tax in this quarter, which increased by 23% to 95 million euros.
The growth was attributed to several factors, including an increase in volumes, good management of spreads, and a focus on high-value customer segments. Total income for the quarter also increased by 6.9% to 658.7 million euros, with net interest income rising by 10.6% to 577.7 million euros and net commissions improving by 8.5% to 165.8 million euros.
However, operating expenses also increased during this period, with personal expenses up by 5.2% and administration expenses by 6.5%. Provisions and losses due to asset impairment decreased while increases were seen in non-performing loan ratios and returns on tangible equity ratio respectively; Non-performing loan ratio increased slightly to 2.23%, while the return on tangible equity improved to 18.42%. Moreover, Bankinter improved its CET1 capital ratio by a notable margin of 36 basis points to reach a level of