Bankinter today gave the starting signal to the group of listed companies Ibex 35 in the presentation of the results of the first half.
At the end of the first half, the Spanish financial institution is consolidating the growth trend posted during the previous quarters, thanks to sustained commercial activity in all the businesses and geographical areas where the bank operates.
Concretely, the Bankinter group reached on June 30, 2022 a net profit of 271 million euros, 10.8% more compared to the first half of 2021, and this despite four months of income from the insurer included in the previous period, but without the extraordinary capital gain that the bank recorded for its IPO. If we only look net income from banking activity over the two periods compared, the increase was 32%.
The bone total Group assetso reached 111,489.7 million euros at the end of the half-year, or 8.6% more than a year ago.
The volume of investment credit to customers grew by 8.3% to reach 72,445.9 million euros. Looking specifically at companies in Spain, investment in credit increased by 5.6% against 0.9% more for the sector according to May data from the Bank of Spain.
Regarding the retail resources for customers they reached 77,546.8 million euros, or 13% more. The growth of these resources in Spain is also 13%, compared to an increase of 5.6% in the sector average, also with data from May.
Maccount margins
The accumulated interest margin at the end of the semester, it reached 665.7 million euros, 4.1% more than in the same period of 2021, with quarterly figures higher than those of the last quarters and with a customer margin that consolidates its upward trend.
The Gross margin, for its part, concluded at 962.8 million euros, with growth of 5.3% over the period. 69% of these revenues come from the interest margin and 32% from commissions from commercial activity. These totaled 303 million euros in the half-year, with growth of 15% compared to the first half of 2021.
Almost all of this compensation comes from management, brokerage and advisory activities, all of which provide value to clients. Thus, 102 million euros came from the asset management business, up 11%; 77 million from collection and payment activity, 31% more; and 60 million from the securities business, among others.
And as for the operating margin before provisions reached 535.1 million euros for the half-year, with growth of 6.1%, after absorbing operating expenses of 428 million, 4.2% more than last year for the same period.
On the other hand, the business investment credit of Bankinter increased by 7.4% compared to a year ago, reaching a total volume of 31,000 million euros. In strictly national terms, business credit growth is 7.2%, well above that of the sector, with an average growth of its portfolio of 0.9% with May data from the Bank of Spain. New business loan production for this semester is 27% higher than that of the first semester of 2021. For all these reasons, Bankinter continues to gain market share in this business, which rose from 5.4% to 5.8% , with data at May.
As for commercial banking activity, reflects the bank’s increased activity with private clients, which resulted in better client acquisition figures and portfolio growth across all product types and segments. Thus, assets under management in Private Banking, 50,100 million euros, are 7% higher than those of a year ago and remain at figures similar to those of the end of 2021 despite the general declines in all markets, which had a negative effect on equity of 3,100 million euros. However, new equity raised during the half-year amounted to 2,900 million euros.
In Personal banking services growth in shareholders’ equity, year on year, was 15%, reaching 32,600 million euros. New equity raised in this segment was 1,500 million over the half-year, with a negative market effect of 1,300 million.
With regard to the rest of the geographical areas in which the bank is present, it is worth highlighting the excellent performance of Bankinter Portugal’s activity indicators, with an investment portfolio growing by 10%, to 7,500 million euros. As for customer funds, growth was 19%, to 6,500 million. All of this balance growth translates into improvements in all margins in the account, starting with the interest margin, 11% higher than a year ago; i.e. the gross margin, which increased by 9%, with a strong impetus from commissions. All this concludes with a profit before provisions of 37 million euros, 14% higher than a year ago. And with a pre-tax result of 30 million euros, or 16% more.