Bankinter Portugal €26M profits

 In Banks, Finance, News

The Spanish bank Bankinter posted profits of €1.1Bn in the first half of 2021, including a €896 million windfall for selling off Línea Directa’ while Portuguese agencies made a €26 million contribution.

In a communiqué posted on Thursday by the Spanish stock and capital markets supervisor, CNMV, the banking group informed that excluding the windfall from the sale of Línea Directa,’ the bank obtained a net benefit of €244.5 million, 124.1% up on the first half of 2020.
In the first quarter of 2021 Bankinter made €148 million in profits.
Bankinter highlighted that its operation in Portugal “showed particularly positive results” throughout the half, growing in all areas which reflected in the results: interest margins increased 7%; the gross margin grew 15% driven by net commissions which enjoyed an extraordinary performance whose the margin before provisions grew 33%.
Bankinter Portugal’s pre-tax results for the first six months of the year was €26 million, which represents a growth of 50% on the first half of the previous year.
Línea Directa was the insurance arm of Bankinter which floated on the Madrid Stock Market on 29 April 2020 with 82.6% of its capital distributed by the shareholders of the group in the second quarter of the year.
The Spanish group also registered “record amounts from property contracts” in terms of mortgages granted in the first six months of the year, with €3Bn, double that seen in the first half of 2020.
According to information released by the bank, the commercial banking division was the one that contributed the most to the gross margin in the first half of the year, with a special emphasis on more affluent clients in terms of estate.