Bankinter earns 560 million in 2022, 28% more, and anticipates a profit target year for 2023

Manages to exceed pre-pandemic results

19 ()

Bankinter registered a net profit of 560.2 million euros in 2022, which represents an increase of 28.1% compared to the previous year, as reported by the entity, which has reached its profit targets one year in advance expected for 2023, managing to exceed the results prior to the pandemic and the segregation of Línea Directa.

“These good results are based on a substantial improvement in all the account margins, as a result of a greater commercial impulse and a capacity to attract business that has led the bank to grow in all lines, customer segments and different geographies in which it operates”, the bank underlined.

Thus, the Bankinter Group reached a result before taxes of 785 million euros as of December 31, 2022, an increase of 46.3%.

For its part, the entity increased its net profit by 28.1%, despite the fact that in 2021 four months of income from the insurance company were still included, although avoiding in the comparison the capital gain generated by the IPO of Línea Directa that the bank signed up that year.

Likewise, the ROE (return on equity) stands at 12%, compared to 9.6% the previous year that does not include the extraordinary capital gain of Línea Directa, with a ROTE of 12.7%, while efficiency improves to 44%, or 40.5% in the case of Spain.

“All these figures remain among the best in the sector at a European level,” the bank highlighted.

As for solvency, the CET1 ‘fully loaded’ capital ratio rises to 12%, well above the minimum requirement that the ECB has established for Bankinter for all of 2023, which is 7.726%, the same as the previous year .

In parallel, Bankinter has ensured that it is keeping its level of non-performing loans under control, despite a worsening macroeconomic environment, with a ratio that has dropped to 2.10% compared to 2.24% a year ago, and with a “strengthened” coverage that reaches 66.3% from 63.6% in December 2021.

ACCOUNT MARGINS

The bank has also highlighted that all the margins of the account observe “very important” growth compared to the previous year, as a result of a favorable evolution of interest rates and the greater commercial impulse of the bank, which has translated into higher volumes, especially of the investment portfolio.

Thus, the interest margin concluded last year with figures 20.5% higher than those of 2021, up to 1,536.7 million euros, closing, according to the bank, an “excellent” tight quarter, the best of recent years.

Regarding the gross margin, as of December 31, for the first time, it was above 2,000 million euros, specifically 2,084.3 million euros, which represents 12.3% over the figures for 2021.

Likewise, the operating margin before provisions reached 1,166.3 million euros, 16.4% more than in the past year, assuming operating costs that grew by 7.6% due to greater investments in new projects and higher remuneration for staff to deal with them, and with regulatory costs totaling 140 million euros in the year, compared to 124 the previous year, and representing 7% of the gross margin.

The total assets of the group remain, as of December 31, 2022, in terms similar to those of the previous year: 107,507 million euros.

Lastly, credit investment to customers experienced growth of 9.1% compared to the same figure in 2021, up to 74,243.4 million euros.