Bankinter, S.A.

Q2 net profit was EUR 315 million, up 8% quarter-on-quarter and 16% year-on-year; first-half net profit was EUR 605 million, up 12%. Gross operating income increased 7.3% in the first half. Q2 net interest income was EUR 589 million, up 5% year-on-year and 3% quarter-on-quarter, with customer margin at 2.71% and NIM broadly stable. Q2 fee income was EUR 237 million, up 23% year-on-year, including EUR 23 million of performance fee income from an alternative investment vehicle sale. The cost-to-income ratio improved to 34.3% from 36.1% in 2025. CET1 ended at 12.91%, ROTE was above 20%, NPL ratio was below 2%, cost of risk was 33 bps, and other provisions were 8 bps. For full-year 2026, management expects lending to grow mid-single digits, NII to continue growing quarter by quarter toward the upper end of mid-single-digit growth, fee growth to be low double digits, customer margin around 270 bps or slightly above, costs to remain low with positive operating jaws, cost of risk around current levels, and ROTE sustained above 20%.

Gloria Ortiz framed the quarter as evidence of the 'Bankinter way': grow prudently, execute discipline, and create value through the cycle. She emphasized diversified organic growth, resilience in margins and capital, and continued investment in new opportunities such as alternative investments and the Netherlands via Tulp. On Tulp, she described the acquisition as a small, low-capital-risk step into a larger mortgage market, not a change in strategy, and said Spain remains the core business while the group gradually diversifies.

Jacobo Díaz highlighted that earnings accelerated in Q2, with revenues up 6% quarter-on-quarter and net profit up 8%. He pointed to stable margins, with customer margin at 2.71%, low deposit-cost pressure, and continued positive operating jaws as revenues grew 7.3% while expenses rose only 2.7% in the first half. He also cited strong capital generation, with CET1 at 12.91%, and said the alternative-investments transaction and Tulp together should have a combined capital impact of less than 40 bps, while Tulp alone should be less than 15 bps.

Analysts focused heavily on deposit growth, loan-to-deposit management, and whether funding costs would limit loan growth; management said the balance sheet is being run near its target deposit-to-loan range of about 103%/97% and that funding is not a growth constraint. Questions also centered on the sustainability of the alternative-investment performance fee and how to model it; management said it is hard to predict, but the platform is maturing and such fees should become more recurrent over time. On the Netherlands and Ireland, management said Tulp will start with mortgages and may broaden later, while Ireland is still ramping up deposits and products, with growth expected to accelerate over coming months.