Q2 2026 Bankinter SA Earnings Call Transcript
Key Points
- Bankinter SA (BKIMF) reported a strong net profit of EUR 605 million for the first half of 2026, marking a 12% increase year-on-year.
- The company achieved a return on tangible equity (ROTE) above 20%, indicating strong shareholder value creation.
- Customer volumes increased by EUR 18 billion or 8% over the last 12 months, with customer lending growing by 5% and customer funds increasing by 10%.
- Net interest income and fee income reached record levels, with net interest income growing 3% quarter-on-quarter to EUR 589 million and fee income increasing by 17% to EUR 237 million.
- Bankinter SA (BKIMF) maintained excellent asset quality with a non-performing loan (NPL) ratio below 2% and a prudent coverage ratio of 69%.
- The net interest margin (NIM) remained broadly stable, indicating limited improvement despite positive customer spread trends.
- The cost of deposits is expected to rise slightly in the coming quarters, potentially impacting net interest income.
- The competitive landscape in Spain's mortgage market remains challenging, with ongoing regulatory scrutiny affecting pricing strategies.
- The company's expansion into the Netherlands through the acquisition of Tulp is expected to have a limited immediate impact on profits, indicating a longer-term growth strategy.
- The alternative investment business, while growing, presents challenges in predicting the timing and magnitude of performance fees, making it difficult to model future earnings accurately.
Good morning, and welcome to Bankinter's Results Presentation for the first half of 2026. Our financial statements were posted with market authorities early this morning and all materials can be found on our corporate website. Please refer to the disclaimer in the presentation, and please note that this call is being recorded.
We are joined today by our Chief Executive Officer, Gloria Ortiz; and our Chief Financial Officer, Jacobo Garcia. Gloria, over to you.
Thank you, Laurie. Before talking about results, I wanted to express my sincere congratulations to the Spanish football team for the success in the World Cup last week from the whole of Bankinter team.
Well, coming back to results. We have delivered another strong quarter and excellent results for the first half of the year. Affitable growth and disciplined execution once again translated into strong shareholder value creation, EUR 605 million of net
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