Bankinter profits climb 15% to €143 million

Bankinter Portugal, owned by the Spanish bank Bankinter presented profits of €143 million in the first quarter of 2018 representing a 15% increase on the same period in 2017 and 7% of the group’s total profits.

According to a communiqué sent to the markets and securities commission (CMVM) in Spain, Bankinter has revealed that its gross margin – which measures sales profitability – grew 9.1% to March, to €500.4m, almost wholly from its banking operations.

Revenues from invested capital were 13.3% which the bank considers to be one of the most profitable in the sector.

Bankinter Portugal has an “interesting start to the year” with activity corresponding to 7% of that of the whole group.

The gross margin of the bank’s Portuguese arm netted €34.4m by 31 March 2018 while profits after tax stood at €19m.

Bankinter, S.A., is a Spanish bank with headquarters in Madrid. The bank is listed on the Madrid Stock Exchange (BKT) and is part of the Ibex35 Index. In 2009, Bankinter made a capital investment purchasing 50% of Direct Line from the Royal Bank of Scotland, in 2015 bought Barclay’s retail banking business in Portugal, consisting of 84 branches and Barclays life and Pensions, the latter in a joint-venture with Mapfre.

The bank paid around €100m for the Portuguese subsidiary of the British bank and €37.5m for the 50% stake in the insurance company.