The benefit is higher than that registered on the same dates in 2020 and 2019.
Bankinter the year has started strongly. The entity has won 148.3 million of euros in the first quarter, 13.8% more than on the same dates in 2020 and, above all, above the profit obtained in the first three months of 2019.
The entity that directs Maria Dolores Dancausa has presented its accounts for the first quarter on Thursday, which still include the results of Línea Directa, a business that will go public on April 29.
The banking activity of the entity, separately, closed the first year with a profit of 160.6 million, 14.7% more, while Línea Directa earned 39.4 million before taxes, 2.2% above the first quarter 2020.
The bank managed to improve its cost effectiveness in this first quarter after having closed last year with a level of 7%. Its return on equity (ROE) stood at 11.3%, also higher than that registered in the first three months of last year.
Refering to solvency, the ratio also improved compared to last year. Capital CET1 fully loaded, the reference ratio for the market, was 12.3%, compared to 11.5% in the first quarter of 2020.
Also the delinquency ratio it was down from the first quarter of last year. It did so by about 21 basis points, down to 2.37%, with a coverage of 62%.
Bankinter managed to maintain the “momentum” of commercial activity, “fostering the objective of the entity of make up for the absence of income of Línea Directa in an approximate three-year horizon, ”according to a statement.
Thus, he managed to raise all his margins. The interest rate was 311.8 million, 1.3% more than last year; gross was 465 million, 6.6% more, and operating before provisions stood at 263 million euros, with growth of 6.4%.
The commissions from asset management contributed 44 million euros to income, 15% more, while the securities business accounted for the entry of 24 million, 9% more. Collection and payment commissions, however, fell 10% to 27 million.
Business business grows
The entity’s corporate business was the largest contributor to the bank’s gross margin, as its loan investment portfolio closed the first quarter at 28,000 million euros, 8% more than in the same period of 2020.
It is partly due to loans guaranteed by the Official Credit Institute (ICO), of which 6,300 million euros have already been disposed of the 8,700 million formalized.
However, the bank highlights the good performance of the investment banking activity, which the bank develops from the Bankinter Investment brand, which has increased its gross margin by 22%.
For its part, in the Commercial Banking section, the evolution of the customer segments with the highest net worth (Private Banking and Personal Banking) has been especially positive. The first of them manages assets of 45,200 million euros, 25% more, while Personal Banking increased 21%, to 27,200 million euros.
Bankinter increased its portfolio of payroll accounts by 25%, a product that the bank offers with a remuneration of 5% the first year and 2% the second.