Share capital. At 31 December 2015, the Bankinter share capital was represented by 898,866,154 shares with a par value of 0.30 euros each, fully subscribed and paid-out. All shares are represented in book entries, officially listed on the Madrid and Barcelona Stock Exchanges, and subscribed on the continuous market.
At the close of the financial year, Bankinter´s share capital structure was made up of 61,386 shareholders. Residents held 55.80% of share capital and the other 44.20% was in the hands of non-residents. Registered shareholders with over 5% of share capital are detailed in the attached chart. Boughtback shares were 150,080.
The most significant data on Bankinter stock in 2015 are summarised in this chart:
Evolution of stock. In 2015 the Spanish Stock Exchange suffered from the economic uncertainties and geopolitical tensions that shook several regions of the world, aggravated in Spain by territorial tensions and the general elections with doubtful outcomes. In this setting, Bankinter stock was not exempt from the general downturn, although it just lost 2.34% of its value, compared to the 7.15% drop the Spanish market recorded on the Ibex 35 and the 3.25% fall of the STOXX Europe 600 Banks. Therefore it compares very favourably with both the remaining domestic and European financial institutions.
The stock exchange scorecard from recent years has been very positive for the bank, which closed 2015 with a capitalisation of 5,882 million euros, three and a half times that registered at the close of 2012 (1,770 million). This positive performance, even leading to a maximum quotation price of 7.40 euros per share during the year, approaching historic records, together with a dividend yield of 3.5%, made shareholders' gains for the period +1.1%. Thus for another year, it was the listed bank stock with the best yields in Spain for shareholders.
Dividends policy. Bankinter continued to pay its dividends in cash each quarter, thanks to the business's solid growth and good situation in terms of solvency, letting it avoid the steep restrictions established by supervisors in recent years to preserve capital.
Bankinter, therefore, distributed four cash dividends among its shareholders, one supplementary to the financial year 2014 and three for 2015, which represented approximately 50% of the ordinary profit obtained in the first three quarters, where the fourth remains outstanding and supplementary and will be paid against the profits for the complete year, that will be passed at the 2016 General shareholders Meeting. The distribution of dividends for 2015, to the publication date of this report, is:
American Depositary Receipts (ADR) is a product which allows residents of the United States to invest in foreign companies in their own currency and with dividend payments also made in dollars. The Bankinter programme is Level 1 administered by the Bank of New York-Mellon, with 144,912 ADRs in circulation at the close of 2015.
Created in response to the demand for greater transparency of listed companies, the Shareholder Office is a communication channel that passes on suggestions and clarifies any queries minority shareholders may have, via direct and personal dialogue.
Most enquiries usually refer to issues such as current listings or share history, dividend amounts and payment dates, the contents of the Corporate Report and details of the General Shareholders' Meeting. To anticipate these issues, Bankinter publishes communiqués of interest for its shareholders on a regular basis.
The office is also entrusted with providing information on share composition and its movements, both internally and to supervisory bodies, as well as ensuring the Securities Market Code of Conduct is adhered to and which the Bankinter staff must observe with regard to the actions the bank takes.
Transparency. The bond with shareholders is based on the project ‘You First’, in virtue of which the bank regularly informs its shareholders (by mail postcard, SMS and email) about all pertinent company news.
Bankinter gets in touch with its shareholders so that they are the first to know about dividend payments and amounts, quarterly results or significant events (capital increases, changes to the Board, etc) published in the CNMV (Spanish National Securities Market Commission).
Shareholder Office
Alfonso Martínez Vaquero
Avda. de Bruselas, 12
28108 Alcobendas (Madrid)
Tel. : 913398330 - 913397500
Fax : 913397445
E-mail : [email protected]
Bankinter kept all its ratings at “investment grade’ throughout 2015, improving its rating and outlook as regards some of its agencies.
In 2015, Standard & Poor ’s lifted last years rating to BBB - with stable outlook. Likewise, Moody’s improved the company´s rating to Baa2 in the long term and P-2 in the short term in June, and also raised the outlook to stable. Moreover, DBRS, in its September sectorial review, and in exclusive reference to “systemic’ support ‘to the bank under the new European resolution regulation, just as to most companies in the sector, raised the longterm rating from A (low) to BBB (high) maintaining the short term outlook as R-1 (low) and raising the outlook from negative to stable.
Additionally all ratings were confirmed as investment grade in September, after announcing the purchase of Barclays retail business in Portugal. According to Standard & Poor ’s,it is a manageable’operation ‘, which will open up business opportunities for the company in the middle and long term.
Bankinter has at least one meeting a year, which lasts an entire day, for its annual review with each of the credit rating agencies. At these meetings the situation of the bank is fully reviewed such as its business strategy, financing, investment grade, capital and liquidity, etc., at which all senior executives attend.
The Investor Relations Department, integrated into the Bank's financial division, saw growth in business activity in 2015 due to Bankinter's purchase in Portugal. To report on this business, there was an extraordinary conference with analysts at the beginning of September, in addition to the four regular ones in which the quarterly results are presented, in January, April, July and October. These reports, which are done entirely by teleconference or “webcast”, usually connect some 100 analysts and institutional investors from around the world.
The main aim of the Investor Relations Department is to provide information on how the different lines of business and activities are evolving, as well as on the bank's current and future strategy, always adhering to the principles of equality, fluency and transparency required by regulators. In addition to regular reports by webcast, the department managers meet regularly with specialised sector analysts, who write reports about Bankinter to ensure the figures and published information are consistent and truthful.
Direct contact with institutional investors preferably take place within the framework of the multiple international conferences called for this purpose by the main stock exchanges and investment banking companies in different countries, usually the United States, Canada and Europe, which bring together a sizable group of institutional investors, portfolio managers, analysts and private bankers, etc.. and Bankinter usually numbers among them. Outside those forums, the Investor Relations Department welcomes some 300 qualified investors each year, both in individual sessions and in small groups organised by brokers at the bank's headquarters on Paseo de la Castellana in Madrid.
Another of the division's tasks is to organise several road-shows to visit investors or potential ones in the world's financial capitals: New York, London, Paris, Rome, Frankfurt, Zurich, Geneva, etc. How the Bank's different lines of business and activities are evolving, the regulatory framework, the sector situation and the economic and political outlook of Spain are some of the issues that most appeal to attendees.
At the close of 2015, 44.2% of the stock of the bank was in the hands of nonresident investors, the large majority institutions, which represented a yearon- year increase of over two percentage points. The challenges of the Investor Relations Department include exploring new markets such as Asia, the Middle East, Latin America, etc, to increase the international share base.
The growing sensitivity of international investors on subjects such as Sound Corporate Governance, environmental friendliness and sustainability has led the department to forge closer relations with different specialised agencies that measure Bankinter by these types of sustainability criteria. These agencies, as well as proxy advisors, draw up rankings, reports and indexes in which Bankinter tends to hold a prominent position for those investors that want to invest under sustainability criteria.
Investor relations
Alfonso Alfaro Llovera
David López Finistrosa
Pº Castellana, 29
28046 Madrid
Tel.: 91 339 75 00
E-mail: [email protected]
