S&P Global Ratings confirms all of Bankinter's ratings and upgrades its outlook to 'stable'.
It believes that, in the medium term, the bank will make up its lost income following the spin-off of the Línea Directa insurance-company subsidiary with income from banking business in Spain and other countries, as well as from the emerging businesses that it owns.
Bankinter's credit ratings have been confirmed by S & P Global Ratings. The long-term rating is unchanged at 'BBB +'. The rating agency has also raised the bank's outlook, which has moved from 'negative' to 'stable'.
Despite the economic uncertainty, S& P Global Ratings has noted that the risks that could negatively affect Bankinter's credit ratings 'have lessened'.
Likewise, the rating agency feels that Bankinter will make up its lost income from the Línea Directa insurance company, following the spin-off of this subsidiary. It has noted that it expects to see an increase in income from both the banking business in Spain and from the new markets and businesses in which it already operates.
In addition to Spain, the bank also operates in Portugal, Ireland and Luxembourg. In its 2023 growth forecast, Bankinter will supplement the income from the insurance company with income from these markets, in addition to businesses such as Bankinter Consumer Finance (which is already seeing a recovery in credit cards), as well as international corporate banking (which has posted strong volume growth), Bankinter Investment, the investment banking area, (which has seen an increase in the number of new deals closed, as well as investment vehicles launched), and greater contributions from EVO Banco.