Bankinter’s net profit exceeded pre-pandemic levels in the first quarter as new mortgage lending boosted the Spanish bank’s loan book and margins improved.
Spain’s fourth-largest bank, based on market capitalization, announced a 4% increase in net profit to 154.3 million euros in January-March, exceeding 145 million euros in the first quarter of 2019, before the coronavirus hit Spain.
Analysts had expected net profit of 125 million. Euro and the results gave impetus to the Bankinter shares by 4%.
The bank announced that the lending book increased by 8% compared to the same period last year, while mortgages reached a new record in Spain and in all its markets, after increasing by 25% compared to the first quarter of 2021, while corporate lending increased by 5.4%.
Net interest income rose 2.6% to 320 mil. Euro, corresponding to estimates of analysts.
Net commission income increased 13% year-on-year in the quarter, thanks to strong asset management performance.
Source: Capital
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