Salem Radio Network News Tuesday, May 17, 2022

Business

Bankinter’s Q4 profit falls on one-offs, interest income steadies

MADRID (Reuters) -Spain’s Bankinter said on Thursday its fourth quarter net profit fell 15% year on year after charges related to its contribution to the Deposit Guarantee Fund and the loss of income following the listing of its insurer LDA.

The country’s fourth-biggest bank by market value reported a net profit of 82.5 million euros ($93.7 million) in the October to December period, above the 60 million euros forecast by analysts polled by Reuters.

However, the lender’s quarterly net profit was still below the 106.3 million euro net profit recorded in the fourth quarter in 2019, before the outbreak of the COVID-19 pandemic.

Banks across Europe are under growing pressure from rising bad debts and record-low interest rates.

Net interest income (NII), earnings on loans minus deposit costs, rose 0.1% to 320.2 million euros, above the 319 million euros forecast by analysts. NII was 1.4% higher than in the third quarter as financial margins were boosted by a rise in new mortgage production.

($1 = 0.8803 euros)

(Reporting by Jesús Aguado, editing by Inti Landauro)

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