Expat British Customers Hearing About Downward Turn For Bank in Costa del Sol and Costa Blanca Areas of Spain

EXPAT British bank customers of Spain’s fourth-largest bank have been hearing reports about a downward turn for the institution that has branches across the Costa del Sol and Costa Blanca areas of Spain.

Bankinter is the first of the country’s major banks to report their earnings from the first three months of 2020, and their net profits fell by 10 per cent due to the coronavirus pandemic.

The bank declared a net profit of €130.3 million in the period between January and March, which included the start of the State of Alarm measures.

The fall was not as high as some commentators had been predicting, but is still an indication of how tough the bank sector will find things during the current crisis.

Bankinter’s chief financial officer Jacobo Díaz said it expected its mortgage and consumer business to “clearly” slow down in the second quarter of 2020, before seeing some “kind of recovery” in the mortgage business in the second half of the year.

The company also confirmed that it was still planning to go ahead with selling 80 per cent of its insurance company, Linea Directa, this year.

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Written by

Alex Trelinski