Jefferies | Reported 4Q net income in line with consensus, helped by a low effective tax rate in the quarter (with the print an 11% miss at PBT level). This PBT miss was primarily driven by €34m in other impairments, with pre-prov a 2% beat. Revenues were a 2% beat vs consensus, however this was driven by strong fees (5% beat), with NII dynamics a touch soft, down 3% quarter-on-quarter,…

Link Securities | The Bank of Spain (BdE) has informed Bankinter that the Single Resolution Board, as the group’s resolution authority, has taken a decision determining the minimum requirement for Total and Subordinated own funds and eligible liabilities (MREL) for Bankinter. This decision sets a binding total MREL requirement, to be met as from its notification, at the consolidated level, of 20.31% of the Total Risk Exposure Amount (TREA) and…

Link Securities | JPMorgan Chase has emerged with a stake of more than 3% in Bankinter, as reflected in the records of the National Securities Market Commission (CNMV). Specifically, the US bank holds a 3.019% stake in the bank, of which 1.947% is a direct holding and another 1.072% through financial instruments.financial instruments. The bank thus surpasses Fidelity, which holds 2.83%, and is slightly below Lazard, with 3.032% of the…

Jefferies | 3% PBT beat vs. consensus in 2Q24, driven by better NII, fees and costs, only offset by a small miss on impairments. The print confirms NII trends are still positive, with 1% quarter-on-quarter growth (while cons was expecting a step down), as margin dynamics still prove supportive (cost of deposits flat in the Q). Costs were 1% lighter than cons. and trending better than the LSD-MSD year-on-year growth…

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

Link Securities| Bank of America has raised its stake in Bankinter’s capital back to 5.32%, after reducing it to zero at the end of March, according to National Securities Market Commission (CNMV) records, Expansión reports today. The US bank clarifies that it has notified this stake because it has exceeded the exemptions provided by law and has specified that the purchases are not made on its own behalf, but on…