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Bankinter Results: Small Beat, Solid Credit Metrics, Credit Neutral

FINANCIALS

Bankinter 1Q24 are a little ahead of consensus with solid credit metrics which read across well to the Spanish domestic banks. Spreads have lagged EuroIG peers marginally YTD but there’s perhaps not enough here to say results are better than credit neutral, we feel.


  • Key credit metrics: CET1 ratio is 8bp ahead of consensus (at 12.46%, 16bp up from Dec-23). Loan losses are 39bp (similar to 1Q23) and slightly better than consensus. Non-performers are up (driven by business lending) but actually lower than consensus (at 2.23% vs. est. 2.29%, Dec-23 was 2.11%).
  • Overall performance: revenues are 1% ahead of consensus, largely driven by the asset management business. Costs are better than expected, too meaning net income beat by 2.7%.
  • Outlook:there’s little meaningful outlook statement here but these results are a solid start for the Spanish banks and solid laterals for Caixabank, Sabadell, BCP in Portugal and the Spanish majors..

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