Bankinter has broken its own profit record once again. The financial entity closed the first half of 2024 with earnings of €605 million, a 12% increase compared to the same period in 2023. A result that reflects the strong performance of the Spanish bank, driven by growth across all its operating geographies and disciplined cost management that positions the entity among the most profitable in Europe.

All business lines performing strongly

Bankinter's figures over these six months speak for themselves. Total revenue has advanced 7.3%, reaching €1,603 million, according to 20minutos.es. This growth has been driven mainly by two pillars:

• Commissions: up 15.5%, totalling €548 million
• Net interest margin: up 5.4%, reaching €1,160 million

Total business volume with clients—credit investment, retail resources and assets under management—reaches €249,238 million, nearly 8% more than a year ago. This strength allows the bank to maintain a ROTE (return on tangible equity) above 20%, one of the most coveted metrics in the European banking sector.

Mortgages: less volume, greater profitability

This is the key to Bankinter's strategy. The bank has deliberately chosen to reduce new mortgage production by 16% at group level, down to €2,900 million. But it is not a failure: it is a calculation. The entity prioritizes profitability over volume, something clearly seen in the geographic disparity.

While in Portugal and Ireland new mortgage production grew 19%, in Spain it fell 34%. Bankinter is betting on markets where portfolio returns are higher and business potential is stronger. Despite everything, the total mortgage portfolio balance grows 3%, reaching €39,000 million.

Recently, the entity closed a strategic move: entry into the Dutch market through the purchase of Tulp Hypotheken Group, a platform specializing in mortgage intermediation and financing. A bet on continuing to grow in geographies with greater room for manoeuvre.

Retail and corporate banking performing well

In retail banking, the bank has achieved good results. The balance of payroll accounts and digital products—key tools for attracting customers—has reached €24,000 million, 20% more than a year ago.

Corporate banking is also delivering surprises. Credit investment totals €39,000 million (+7%), a figure that doubles the sector's growth in Spain. International banking accumulates €12,000 million (+12%).

Other indicators also reflect health: non-performing loans have fallen to 1.92%, and the efficiency ratio closes at 34.3%, meaning the bank needs to spend 34 cents for every euro it receives. The lower the ratio, the better.

The context: when interest rates rise

These results come in a favourable context for banking. The European Central Bank raised interest rates to 2.25% in June, something Bankinter had already anticipated would allow it to improve its net interest margin. The bank had been publicly warning that it would raise mortgage rates in exchange for being more selective in its operations.

The question now is whether Bankinter can maintain this pace when interest rates begin to fall, something many experts expect in the coming months. For now, the entity has demonstrated that it knows how to navigate turbulent waters and emerge strengthened on the other side.