Bankinter S.a Stock Earnings Reports

Bankinter delivered a resilient Q1 2026 driven by disciplined, profitable growth and strong balance-sheet metrics. Key operating results: net profit €291m (up ~8% y/y), RoTE 20%, customer volumes +6.5% (lending +5%, AUM +17%), NII +5.5% y/y (€571m), fees +8% y/y, customer margin 2.68% and NIM 1.76%. Efficiency and risk: cost-to-income moving toward 35%, NPL ratio <2%, cost of risk low (~32 bps), CET1 at 12.96% (above targets). Strategic highlights: continued geographic diversification (Spain core, faster momentum in Portugal and Ireland), focus on higher-quality retail funding and mix-shift to transactional/digital accounts, pragmatic adoption of AI to drive productivity and lower cost-to-serve, and two strategic transactions to scale alternative investments (merger of alternative fund manager + stake in Access Capital Partners) to expand fee-generating, capital-light wealth offerings. Guidance/forward view: management reiterates mid-single-digit loan growth, continued NII support from repricing albeit with rate volatility, target customer margin ~270 bps or above, fee growth in high single digits, cost-to-income targeted below 35% for 2026 and medium-term ambition to approach ~30% over 3–4 years, and RoTE expected to remain above 20%. Capital allocation: maintain 50% payout policy, continue to deploy capital into attractive growth in Portugal and Ireland and corporate banking in Spain, while keeping a comfortable buffer above regulatory minima. Risks/notes: deposit volumes showed seasonal/strategic shifts with active repricing and mix optimization (retail digital accounts up; some corporate deposit outflows), rate volatility limits near-term visibility on NII, and management will reassess guidance as geopolitical/rate developments clarify.