Bankinter earns €901 million in nine months; shares fall 4.32% after results
Key Facts
Bankinter said on October 22 that net profit for the nine months ended September 30 reached €901 million, up 11% year on year, while pretax profit rose 10.8% to €1,267 million, according to a disclosure published through Spain’s National Securities Market Commission. The announcement came with a mixed quarterly result: third-quarter net profit rose 9% to €295 million, matching analysts’ forecasts cited by Reuters, while quarterly revenue missed market expectations. The bank’s shares fell on the day of the announcement, dropping 4.32% to €14.625, their lowest level since June 30. At the same time, the IBEX 35 index fell about 1.5%. The share move reflected pressure from weaker revenue, despite growth in quarterly and cumulative profit.
Bankinter’s net profit from July to September was €295 million, compared with €270 million in the same period of 2025. The figure matched the average forecast of analysts polled by Reuters, keeping earnings in line with market estimates. But quarterly revenue was €795 million, about 2% below expectations of €811 million. Coverage said lower-than-expected fee income contributed to the shortfall. Profit growth alone was therefore not enough to support the shares, as the revenue miss outweighed the annual increase in net profit.
Over the nine months, net interest income reached a record €1,762 million, up 5.7% from the same period of 2025. The bank said growth in business volumes and active management of lending spreads supported the performance. Total operating income, which includes all revenue sources, also rose 6.5% to €2,397 million. Net fee and commission income was €651 million, up 12.9% year on year. The bank attributed fee performance to asset management, brokerage and banking services transactions, as well as exceptional income from alternative investments booked in the second quarter.
Operating expenses were €833.9 million over the nine months, up 2.3% year on year, a slower pace than the growth in total operating income. Pre-provision profit rose 8.8% to €1,563.6 million. The cost-to-income ratio was 34.8%, which the bank said remained below its level a year earlier. The bank attributed this partly to the integration of its consumer finance subsidiary and to digital transformation and generative artificial intelligence initiatives. These indicators show the bank’s revenue base widening and operating profit growing, while the quarterly revenue shortfall remained the focus of the market reaction.
Regional indicators showed growth outside Spain; in Portugal, total operating income rose 12%, and pretax profit reached €178 million, up 13% year on year through September 30. In Ireland, customer business volumes increased 26% year on year to €5,600 million. On asset quality, the non-performing loan ratio fell to 1.84% at the end of September, down 21 basis points year on year, and the coverage ratio was 66.8%. The Common Equity Tier 1 (CET1) ratio was 13.2% at the end of the third quarter, above the 8.6% minimum set by the European Central Bank for Bankinter. The group’s assets totaled €132,149 million on September 30, up 2.7% year on year, while assets held in custody rose 14.2% to €96,226 million.
The bank had scheduled its nine-month results presentation for October 22 via a webcast at 9:00, followed by a press conference with Chief Executive Gloria Ortiz at 11:00. The shares moved that day after the results presentation, falling to €14.625 and underperforming the IBEX 35. The period’s results combined growth in net profit with higher interest and fee income, and an increase in Portugal’s profit and Ireland’s business volumes. But quarterly revenue remained below market estimates, with lower-than-expected fee income contributing to the shortfall. This contrast between improved cumulative profit and disappointment in quarterly revenue accompanied the share decline on the day of the announcement.