Bankinter: 1Q24 First Take – Slight beat versus consensus, NII dynamics supportive
Jefferies Equity Research| 4% PBT beat vs. consensus in 1Q 24, driven by better income and costs, only offset by a small miss on impairments. The print confirms NII trends still positive (up 1% q/q), despite flat growth, but margin dynamics proving supportive (cost of deposits only up 3bp q/q, likely at peak). Costs were 3% lighter than cons. and trending better than the LSD-MSD y/y growth guidance provided at…