Bankinter Portugal posted a pre-tax profit of 77.5 million euro in 2022, reflecting a growth of 54.2%. Gross operating income increased by 25.4% to 190.7 million euro, operating income by 46.63% (to 96.2 million) and business volume by 8.3% (19,900).
The total loan portfolio reached 8.6 billion euro, which translates into an improvement of 14.3%, well above the market average of 9%, according to data published in November by Banco de Portugal. Customer funds rose by 7.9% to 6.4 billion.
Meanwhile, operating costs increased by 8 million euro to 94.5 million euro, mainly affected by wage increases, employee support measures, and the effects of rising inflation.
The Bank's efficiency ratio stood at 50.5%, an improvement of eight basis points compared to 2021. The NPL ratio confirmed the downward trend started in 2016, standing at 1.31%, compared to 1.72% in the previous year.
In terms of contribution to gross operating income by business unit, the weight of Commercial Retail Banking was 52.81%, that of the Corporate Finance was 29.58%, and that of Bankinter Consumer Finance 17.61%.
Commercial Retail Banking. It again recorded significant growth in strategic business items, notably new equity (+690 million euro) and loan portfolio (+590 million euro). Mortgage lending improved by 65.1%, with a significant contribution from fixed rate mortgages. Private Banking increased its customer base by 8.9% and recorded a 5% rise in revenues, despite the largely negative impact of the performance of the financial markets. Customer base increased by 9.9% and the business volume of the Premier segment 8.2%
Corporate Banking. Corporate Banking's loan portfolio grew by 32.5%, its gross operating income by more than 45% and customer acquisition by 29%. Managed turnover from mid-sized companies grew to 1.545 billion euro (+31%) and their loan portfolio rose by 141 million euro (+21%). Business from SMEs reached 2.083 billion euro in managed turnover, 1.163 billion in customer funds and 920 million in loans. New international business increased by 38% and international turnover rose by 44%. Bankinter Investment participated in the structuring and financing of two major projects in the areas of renewable energies and infrastructure, totalling loans of more than 50 million euro.
Bankinter Consumer Finance. Transaction volumes returned to pre-pandemic levels. However, the international climate and inflation caused a decline in consumer confidence in the second half of the year and a reduction in growth rates. For the year as a whole, business volume increased by 26%, with more than 392 million euro in lending and more than 201,000 contracts in force with customers. Bankintercard's business already accounts for around 40% of consumer loans.
Bankinter Asset Management. The area managed to minimise the impact of generalised falls in the stock and bond markets, with total assets under management of 1.051 billion euro at the end of 2022, a year-on-year decline of 7%. The volume under management in investment funds amounted to 316 million euro (-12%). The poor performance of the financial markets had a significant impact on the securities under management, mitigated by the slight increase in net fund subscriptions (+2%). In the third party portfolio management business, the value of assets amounted to 736 million euro (-4%).
Bankinter Life Insurance. Growth in premiums written outperformed the market, demonstrating the resilience and confidence of customers in risk and investment products. Of note was the enormous success of life insurance linked to mortgage loans and consumer credit, with growth of 5% and 30%, respectively. Non-credit insurance is increasingly seen by subscribers as a useful element in the financial protection of families, resulting in a growth of more than 100%. Regarding investment insurance, capital and guaranteed income products were marketed once again, taking advantage of the favourable developments in interest rates.
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