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1. Company Snapshot

1.a. Company Description

Bankinter, S.A. provides various banking products and services to individuals and corporate customers, and small- and medium-sized enterprises in Spain.It offers salary, non-salary, professional, basic, currency, pension, business, and current accounts, as well as deposit products; and mortgages and loan products, as well as financing services.The company also provides saving and investment products, including profiled funds, sustainable investment funds, other managers funds, pension funds, and themed funds, as well as funds for beginners; regular investment plans; and advisory, customized investment, wealth management, and alternative investment products and services.


In addition, it offers accident, home, life, funeral, health, mortgage payment protection, property, personal, and motor insurance products, as well as business insurance products.Further, the company provides various services, such as estate administration, switch, asset management, accounts management, and transfer services, as well as real estate and brokerage services.The company also offers retail, personal, private, commercial, and corporate banking products, as well as remote banking services.


As of December 31, 2021, it operated through a network of 446 branches and 379 agents.The company was formerly known as Banco Intercontinental Español, S.A. and changed its name to Bankinter, S.A. in July 1990.The company was founded in 1965 and is headquartered in Madrid, Spain.

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1.b. Last Insights on BKT

Bankinter, S.A.'s recent performance is driven by favorable analyst coverage and expectations of resilient economies such as Spain and Portugal. RBC Capital Markets initiated coverage on the bank, highlighting its potential to outperform peers due to growing loan and fee income. Additionally, Bankinter's exposure to these economies, which are projected to grow at double the pace of the Euro Area, presents a promising outlook. This analyst endorsement, coupled with the bank's stable dividend yield, offers investors a compelling opportunity for growth and income in a challenging European economic environment.

1.c. Company Highlights

2. Bankinter Q1 2026: Solid Growth, Sharpened Margins, and a Resilient Capital Base

Bankinter delivered a robust first‑quarter performance, with net profit reaching EUR 291 million, up 7.6 % YoY, and earnings per share at €0.31 versus the consensus estimate of €0.3002. Net interest income grew 5.5 % while net fees climbed 8 %, reflecting disciplined volume expansion and margin enhancement. The company’s return on equity hit 20 %, underscoring efficient capital use (Ortiz).

Publication Date: Apr -24

📋 Highlights
  • Net Profit Growth: Net profit reached EUR 291 million, up 7.6% year-on-year, with a return on equity of 20%.
  • Customer Volumes Expansion: Company delivered 6.5% growth in customer volumes, driven by 17% increase in assets under management and 5% rise in customer lending.
  • Cost Efficiency: Cost-to-income ratio declined to 35%, supported by organizational simplification and technological investments.
  • Resilient Wealth Management: Customer wealth increased by EUR 18 billion (13% YoY), with fees growing 8% due to wealth and insurance activity.
  • Capital Strength: CET1 ratio closed at 12.96%, exceeding target ranges, with capital allocation prioritizing mortgages and corporate banking in key markets.

Revenue Drivers

The bank’s revenue mix benefited from a 5 % rise in customer lending, a 1 % uptick in retail funds, and a remarkable 17 % surge in assets under management, driven largely by wealth‑management gains of EUR 18 billion. Digital account growth offset seasonal declines in retail funds, while the expansion in Portugal and Ireland added momentum to the overall volume profile.

Profitability & Margins

Net interest income continued its upward trajectory, supported by volume growth and improving customer margins, while the cost‑to‑income ratio fell to 35 %. The firm’s dividend yield of 4.35 % and a P/E ratio of 11.76 suggest that earnings power remains priced in at a moderate multiple, with a P/B of 2.01 reflecting solid book value per share.

Capital & Asset Quality

Bankinter’s CET1 ratio closed at 12.96 %, comfortably above regulatory minima and the target range, reinforcing a strong capital cushion. Non‑performing loans remain low, and the company projects a return on tangible equity above 20 %. The bank’s capital deployment strategy prioritizes high‑margin segments such as mortgages and corporate banking across Spain, Portugal, and Ireland.

Deposit & Liquidity Management

The deposit strategy remains disciplined and margin‑focused, with a 200 % LCR and a loan‑to‑deposit ratio under 90 %. The firm is actively managing deposit mix toward atomized accounts to reduce beta, targeting a drop from 40 % to 10 % in deposit sensitivity. This approach supports stable NII while maintaining liquidity resilience.

Strategic Outlook & Valuation

Guidance points to mid‑single‑digit lending growth and high‑single‑digit fee expansion, backed by a diversified business model. The bank aims to reduce its cost‑to‑income ratio to 30 % over the next 3–4 years, leveraging technology and organizational simplification. With a P/TBV of roughly 2.0 and a dividend yield of 4.35 %, the market appears to price in continued margin improvement and solid capital adequacy, positioning Bankinter as a compelling play in Europe’s banking sector.

3. NewsRoom

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Bankinter SA (BKNIY) Q1 2026 Earnings Call Highlights: Strong Profitability and Asset Growth ...

Apr -24

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Global Dividend Stocks To Watch In April 2026

Apr -15

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A Look At Bankinter (BME:BKT) Valuation As Recent Price Swings Draw Investor Attention

Mar -30

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Spain's Blue-Chip Index Reverses Early Losses as PM Stands Ground Against Trump

Mar -04

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Assessing Bankinter (BME:BKT) Valuation After Strong Long Term Returns And Recent Share Price Pullback

Feb -13

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Turbo Energy completes restructuring of bank financing

Feb -10

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Turbo Energy Strengthens Financial Position Through Long-Term Bank Financing Restructuring

Feb -09

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Bankinter (BKNIY) Upgraded to Buy: What Does It Mean for the Stock?

Feb -03

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.49%)

6. Segments

Business Bank

Expected Growth: 4.5%

Business Banking at Bankinter, S.A. achieved 4.5% growth driven by increased lending to SMEs, expansion into new regions, and digital transformation initiatives. Strong risk management and efficient cost control also contributed to growth. Additionally, strategic partnerships and innovative product offerings enhanced customer experience, attracting new clients and increasing wallet share.

Commercial Bank

Expected Growth: 4.8%

Bankinter's 4.8% growth is driven by its strong commercial banking segment, fueled by a robust loan portfolio growth of 6.2%, particularly in the mortgage and consumer credit segments. Additionally, the bank's solid deposit growth of 5.5% and effective cost control measures have contributed to its growth momentum.

BK Portugal

Expected Growth: 4.2%

BK Portugal's 4.2% growth is driven by a strong economy, rising consumer confidence, and a growing demand for digital banking services. Additionally, Bankinter's strategic expansion into the Portuguese market, coupled with its robust risk management and cost control measures, have contributed to the segment's growth.

BKCF

Expected Growth: 4.0%

Bankinter's 4.0% growth is driven by its strong digital transformation, increasing online banking penetration, and growing demand for consumer credit. Additionally, the bank's solid asset quality, efficient cost management, and strategic expansion into new markets also contribute to its growth momentum.

Other

Expected Growth: 3.8%

Bankinter's 3.8% growth is driven by its diversified business model, strong digital transformation, and solid asset quality. The bank's focus on customer experience, innovative products, and strategic partnerships have contributed to its growth. Additionally, its robust risk management and efficient cost structure have enabled the bank to maintain a strong financial position, supporting its growth momentum.

BK Ireland

Expected Growth: 4.6%

BK Ireland's 4.6% growth is driven by a strong mortgage lending market, fueled by low interest rates and government incentives. Additionally, the bank's digital transformation and cost-cutting initiatives have improved operational efficiency, allowing for increased investment in customer acquisition and retention. Furthermore, a favorable economic environment and a growing demand for consumer credit have also contributed to the segment's growth.

7. Detailed Products

Personal Banking

Bankinter's personal banking services provide customers with a range of products and services to manage their daily finances, including current and savings accounts, credit cards, and personal loans.

Business Banking

Bankinter's business banking services offer customized solutions for businesses, including cash management, trade finance, and corporate lending.

Private Banking

Bankinter's private banking services provide high net worth individuals with personalized investment advice, wealth management, and estate planning.

Investment Banking

Bankinter's investment banking services offer advisory services for mergers and acquisitions, equity and debt capital markets, and restructuring.

Asset Management

Bankinter's asset management services provide investment solutions for individuals and institutions, including mutual funds, pension plans, and discretionary portfolio management.

Insurance

Bankinter's insurance services offer a range of life and non-life insurance products, including life insurance, home insurance, and car insurance.

Digital Banking

Bankinter's digital banking services provide customers with online and mobile banking platforms to manage their finances, make transactions, and access financial information.

8. Bankinter, S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bankinter, S.A. faces moderate threat from substitutes due to the presence of alternative financial institutions and digital payment platforms.

Bargaining Power Of Customers

Bankinter, S.A. has a large customer base, but customers have significant bargaining power due to the ease of switching to alternative banks and financial institutions.

Bargaining Power Of Suppliers

Bankinter, S.A. has a diversified supplier base, reducing the bargaining power of individual suppliers, and the company has a strong negotiating position.

Threat Of New Entrants

The banking industry has high barriers to entry, and regulatory requirements make it difficult for new entrants to establish themselves, reducing the threat of new entrants for Bankinter, S.A.

Intensity Of Rivalry

The banking industry is highly competitive, with many established players, leading to a high intensity of rivalry for Bankinter, S.A.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 79.01%
Debt Cost 7.90%
Equity Weight 20.99%
Equity Cost 7.90%
WACC 7.90%
Leverage 376.44%

11. Quality Control: Bankinter, S.A. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

14.16$

Current Price

14.16$

Potential

-0.00%

Expected Cash-Flows