Bankinter earns 1,140 million euros, thanks to the capital gain generated from Línea Directa

Bankinter today presented the results for the first half of 2021 before the markets opened, becoming the first Ibex 35 bank to do so. A period in which, according to a company press release, it shows “the growth trend of its recurring business already exhibited during the first quarter of the year, successfully solving the still unresolved difficulties of an economic environment that continues to be weighed down. due to the effects of the pandemic “.

Specifically, the net profit of the Bankinter Group stood at 1,140.3 million euros, compared to the 109 million it achieved in the same period of 2020. Bankinter achieves this figure by including the capital gain after tax of 895.7 million from the difference between the value Línea Directa’s accounting officer and the market value of this company prior to its IPO, which took place on April 29.

Without taking this capital gain into account, the Group’s net profit would stand at 244.5 million euros, 124.1% above the first half of 2020. This figure includes the 39.9 million net profit generated by Línea Directa Insurer during the four months that the company remained within the perimeter of the bank.

Taking into account only the results of purely banking activity, the profit before tax was settled at June 30, 2021 with 287.6 million euros, compared to 61.8 million in the first half of 2020 and compared to 344.8 million in the same period of 2019, although this case included an extraordinary entry of 57 million from the acquisition of EVO Banco. This means that, in comparable terms, “the BAI of banking activity in the first half of 2021 is close to the level obtained before the pandemic,” says the Ibex 35 bank.

The return on equity, ROE, is 9.5% compared to 7.6% in the first half of 2020, which was weighed down by higher extraordinary provisions. This ratio, which places Bankinter at the head of the sector in terms of profitability, is an adjusted ROE that excludes the capital gains of Línea Directa, although it obviously includes the four months of recurring profit for this company.

Refering to solvency, remains at optimal levels, with a fully loaded CET1 capital ratio of 12.2%, much higher than that required by the ECB, which is 7.68%. For its part, default ratio improvement compared to a year ago, to 2.34%, with a coverage of 62.5%.

Refering to liquidity, Bankinter maintains a negative commercial gap, with a deposit-to-loan ratio of 104.4%.

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