Bankinter’s 2022 results allow bank to hit its 2023 target before time

BANKINTER: Bankinter CEO Maria Dolores announced good 2022 results Photo credit: Bankinter

LAST year was a good one for Bankinter with a pre-tax result of €785 million and a 46 per cent increase.

With a net profit of just over €560 million, a 28 per cent increase on 2021, Madrid-based Bankinter reached its 2023 profit target a year early, enabling the bank to overtake its pre-pandemic results.

Last year’s showing was especially encouraging, as 2021’s figures still included four months of income from Linea Directa, whose segregation from the bank was announced in 2020.  This also converted Bankinter shareholders into the independent, publicly-traded insurance company’s shareholders.

Return on Equity (ROE) stood at 12 per cent, compared to 2021’s 9.6 per cent while only 2.1 per cent of Bankinter clients defaulted on loans, despite the worsening economic environment.

“All these figures are amongst the  best at European level,” the bank pointed out.

The bank’s Common Equity Tier 1 (CET1) ratio, a measure of its solvency rose to 12 per cent, comfortably above the minimum 7.7 per cent requirement that the European Central Bank established for Bankinter in 2023.

The bank’s Spanish investment portfolio increased by just over 5 per cent, six times more than the sector’s average growth, according to Bank of Spain figures announced last November.  Outside Spain, this rise was still more evident, with a 15 per cent increase in Portuguese investments while lending doubled in Ireland.

As of December 31 2022, the total assets €107.5 billion, similar to the previous year’s, with credit investment to customers up by 9 per cent to €74.2 billion.

 

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at [email protected]

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