Bankinter Group closed a successful 2023 with record recurring profit, with all business lines growing at a good pace. This enabled the bank to continue expanding its market share in each customer segment and in every country where it operates.
The positive changes in interest rates, the increase in volumes in all balance sheet headings and the more active management of customer assets led to substantial growth in all areas and improvements in profitability and the cost-to-income ratio.
Pre-tax profit was 1,228.8 million euros (+56.5%) and net profit was 844.8 million (+50.8%), despite the impact of the new tax on the financial sector, which for Bankinter amounted to 77 million euros.
The bank achieved a record return on equity (RoE): 17.1%, compared to 12% in 2022, with a ROTE of 18.1%, the highest in Spain's financial sector.
The CET1 fully-loaded capital ratio was 12.3%, while the regulatory minimum required of Bankinter by the ECB is 7.8%, which is the lowest among listed banks in Spain.
The non-performing loans (NPL) ratio remained at a similar level to the previous year, at 2.1%. In Spain, the NPL ratio was 2.4%, well below the sector average, which stood at 3.57% in November, according to Banco de España. The coverage of non-performing loans was 64.7% at 31 December.
The bank's cost-to-income ratio was a successful 37.3% on that date. This compares very favourably with the 44% in 2022. The figure for Spain is even better, at 34%.
The liquidity situation is even more positive than it was a year ago. The bank has a deposit-to-loan ratio of 106%, compared to 102.8% in 2022.
The Group's total assets at 31 December 2023 stood at 113,011.6 million euros.
The customer credit portfolio stood at 76,885.7 million euros (+3.6%). In Spain, the bank's lending grew slightly less, at 1%, given the poor performance of our real estate market, which is reflected in a 3.5% fall across the financial sector portfolio as a whole, according to Banco de España figures to November.
Retail funds totalled 81,574.8 million euros (+8.5%) at year-end 2023. Off-balance-sheet managed funds also experienced strong growth of 18.1%, reaching 43,937 million euros, thanks to the acquisition of new business and transfers within the bank from other products.
All account margins increased significantly in 2023. Net interest income was 2,213.5 million euros (+44%), while gross operating income, which includes all the Group's income, reached a record of 2,660.5 million euros (+27.7%).
Fee and commission income amounted to 817 million euros, of which 196 million euros was from the asset management business. Net fees and commission (the difference between the fees and commission collected and those the bank pays to third parties) amounted to 624.3 million euros, up 3%.
The pre-provision operating profit at year-end 2023 was 1,667.2 million euros (+43%), after absorbing operating costs, which increased by 8% due to greater variable remuneration for the workforce due to objectives being met, increased Social Security contributions and costs from the creation of the new joint venture in Portugal.
Bankinter enhanced its strategy of diversifying its sources of income in 2023, with growth in all lines of business and geographies, with special emphasis on new businesses, whose contribution to the Group's income is gaining more and more prominence without preventing consolidated lines from increasing their market share.
Corporate Banking. The largest contribution to the bank's gross operating income came from this business line, in which Bankinter has offered highly specialised service since its inception. The corporate loan portfolio closed 2023 with a volume of 32,800 million euros (+4.6%). The portfolio in Spain grew by 2.8%, compared to the sector average of a drop of 5%, according to Banco de España figures to November.
International Corporate Banking has become an essential pillar of this activity, with a loans and receivables portfolio that was up 11% over 2023, at 8,800 million euros. The volume of some recent businesses launched within International Banking, such as Supply Chain Finance (a solution for companies and their foreign activity which has been warmly welcomed) multiplied by five during the year.
Commercial Retail Banking. The balance was very good in terms of both customer and fund acquisition, with 103,000 million euros of assets under management (+11%) and 6,000 million euros in net new assets.
The segment that includes customers with higher economic-financial profiles, Wealth Management, closed the year with 57,800 million euros in assets under management, compared to 51,100 million a year ago. Since 2018, assets in this segment have increased by 62%. Last year alone, Bankinter attracted new net wealth of 3,200 million.
In Retail Banking, which encompasses all other customers, assets under management amounted to 45,600 million euros (+10.1%), with net new assets of 2,800 million euros.
Off-balance-sheet managed funds. 2023 was a good year for such funds (own and third-party investment funds, pension funds, wealth management and SICAVs), which generate greater contributions for the bank via fees as well as for the customer. Its volume grew by 6,700 million (+18%).
Salary accounts. These experienced a drop in volume of balances: 13,000 million euros compared to 16,700 million in 2022, although the number of accounts grew by 4%, which means that this category-leading product still has the capacity to attract new customers. The portfolio of salary accounts has increased by 57% over the last five years.
Mortgages. Residential mortgages totalled 34,900 million euros for the Group as a whole at the end of the year (+3.5%). In Spain there was a slight drop of 0.1%, although with a slight recovery in the last quarter. This small drop is, however, much lower than that of the sector as a whole, where the decline was 3.3%, according to Banco de España data to November.
A total of 5,800 million euros in new mortgages was generated, including EVO Banco. This represents a drop of 14% compared to new lending in 2022, which was a very positive year, and is related to the reduction in activity in the real estate market. 39% of new mortgages were at a fixed rate.
Bankinter Investment, the bank's subsidiary dedicated to investment banking activity, is becoming increasingly prominent in the Group's financial statements, with its growing contribution to the bank's gross operating income, which this year achieved 233 million euros in fees and commission and net interest income. Within its alternative investment business, where it boasts the position of leader in Spain, the subsidiary has already launched 23 structured vehicles investing in projects in the real economy, with committed capital of 4,700 million.
Geographies
Portugal. Portugal stands out among the geographies where the bank operates outside Spain, contributing 10% to the bank's gross operating income. It exceeded expectations in 2023 with optimal result in all areas.
In terms of lending, Bankinter Portugal closed the year with a portfolio of 9,200 million euros, up 16% versus last year, 6,100 million of which corresponds to Commercial Retail Banking and the rest to Business and Corporate Banking. The NPL ratio was 1.3%. Customer funds grew by 32%, to 8,400 million euros, while off-balance-sheet managed funds amounted to 4,000 million euros, up 2%.
The effective management of this balance sheet is reflected in the strong performance of all income statement margins. Net interest income increased by 85%, while gross operating income grew by 61% and pre-provision profit by 112%. This resulted in a jump in pre-tax profit to 166 million euros (+114%). Bankinter Portugal's cost-to-income ratio continued to improve to stand at 33.4%, compared to 49.5% in 2022.
Ireland. The bank operates in this country through the Avant Money brand, whose loans and receivables portfolio reached 3,000 million euros (+34%), of which 2,200 million corresponded to mortgages. Their volume rose by 41%, and that of consumer lending rose by 19%.
All Avant Money activity is consolidated in the subsidiary Bankinter Consumer Finance, which in 2023 contributed 397 million to the bank's gross operating income (+16%). The loans and receivables portfolio of this subsidiary increased by 23% to 6,800 million euros at the end of the year. The most important portion of consumer lending is made up of personal loans (3,100 million euros, up 19%), while the rest comes from card activity in its different forms.
EVO Banco. The Group's digital brand reached breakeven (the point where total costs and revenue are equal) on its activity, with gross operating income of 66 million euros (+78%). The loans and receivables portfolio continued to grow steadily and amounted to 3,393 million euros at the end of the year (+25%), with an NPL ratio of just 0.5%. New mortgage production was undermined by the weakness of the real estate sector and, despite a creditable volume of 873 million, fell by 11%.
ASSETS | 31/12/2023 | 31/12/2022 (*) |
Cash, cash balances at central banks and other demand deposits | 13,859,595 | 13,351,217 |
Financial assets held for trading | 4,505,254 | 4,055,770 |
Derivatives | 756,160 | 1,181,732 |
Equity instruments | 151,858 | 164,756 |
Debt securities | 1,255,441 | 974,684 |
Loans and advances | 2,341,795 | 1,734,598 |
Central banks | — | — |
Credit institutions | 2,203,838 | 1,320,483 |
Customers | 137,957 | 414,115 |
Memorandum items: loaned or pledged | 886,196 | 524,832 |
Non-trading financial assets mandatorily at fair value through profit or loss | 178,110 | 161,397 |
Equity instruments | 176,943 | 160,047 |
Debt securities | 887 | 884 |
Loans and advances | 280 | 466 |
Central banks | — | — |
Credit institutions | — | — |
Customers | 280 | 466 |
Memorandum items: loaned or pledged | — | — |
Financial assets designated at fair value through profit or loss | — | — |
Debt securities | — | — |
Loans and advances | — | — |
Central banks | — | — |
Credit institutions | — | — |
Customers | — | — |
Memorandum items: loaned or pledged | — | — |
Financial assets at fair value through other comprehensive income | 1,232,596 | 2,810,920 |
Equity instruments | 161,308 | 195,617 |
Debt securities | 1,071,288 | 2,615,303 |
Loans and advances | — | — |
Central banks | — | — |
Credit institutions | — | — |
Customers | — | — |
Memorandum items: loaned or pledged | 186,779 | 618,859 |
Financial assets at amortised cost | 90,836,049 | 84,862,782 |
Debt securities | 10,577,989 | 9,352,619 |
Loans and advances | 80,258,060 | 75,510,163 |
Central banks | — | — |
Credit institutions | 6,059,036 | 3,758,565 |
Customers | 74,199,024 | 71,751,598 |
Memorandum items: loaned or pledged | 12,987,118 | 9,285,766 |
Derivatives - hedge accounting | 853,258 | 1,128,474 |
Fair value changes of the hedged items in portfolio hedge of interest rate risk | (377,646) | (648,517) |
Investments in joint ventures and associates | 235,499 | 178,203 |
Joint ventures | 167,139 | 118,243 |
Associates | 68,360 | 59,960 |
Assets under reinsurance and insurance contracts | — | — |
Tangible assets | 426,764 | 447,853 |
Property, plant and equipment | 424,178 | 447,853 |
For own use | 420,368 | 438,915 |
Leased out under an operating lease | 3,810 | 8,938 |
Assigned to welfare projects (savings banks and credit cooperatives) | — | — |
Investment property | 2,586 | — |
Of which: leased out under operating leases | 2,586 | — |
Memorandum items: Acquired under finance leases | 120,876 | 135,048 |
Intangible assets | 302,018 | 278,940 |
Goodwill | 2,276 | 2,276 |
Other intangible assets | 299,742 | 276,664 |
Tax assets | 583,054 | 460,241 |
Current tax assets | 322,289 | 195,412 |
Deferred tax assets | 260,765 | 264,829 |
Other assets | 193,113 | 156,758 |
Insurance contracts linked to pensions | — | — |
Inventories | — | — |
Other assets | 193,113 | 156,758 |
Non-current assets and disposal groups classified as held for sale | 183,978 | 262,994 |
TOTAL ASSETS | 113,011,642 | 107,507,032 |
EQUITY AND LIABILITIES | 31/12/2023 | 31/12/2022 (*) |
LIABILITIES | 107,688,702 | 102,602,060 |
Financial liabilities held for trading | 3,895,791 | 3,347,198 |
Derivatives | 836,110 | 1,140,068 |
Short positions | 1,042,100 | 918,983 |
Deposits | 2,017,581 | 1,288,147 |
Central banks | — | — |
Credit institutions | 483 | — |
Customers | 2,017,098 | 1,288,147 |
Debt securities issued | — | — |
Other financial liabilities | — | — |
Financial liabilities designated at fair value through profit or loss | — | — |
Deposits | — | — |
Central banks | — | — |
Credit institutions | — | — |
Customers | — | — |
Debt securities issued | — | — |
Other financial liabilities | — | — |
Memorandum items: subordinated liabilities | — | — |
Financial liabilities at amortised cost | 102,070,062 | 97,817,081 |
Deposits | 90,584,931 | 87,965,731 |
Central banks | 1,323,987 | 11,699,869 |
Credit institutions | 10,272,080 | 3,363,826 |
Customers | 78,988,864 | 72,902,036 |
Debt securities issued | 8,546,380 | 6,433,093 |
Other financial liabilities | 2,938,751 | 3,418,257 |
Memorandum items: subordinated liabilities | 1,421,995 | 1,080,928 |
Derivatives - hedge accounting | 611,660 | 625,125 |
Fair value changes of the hedged items in portfolio hedge of interest rate risk | (105,156) | (203,914) |
Liabilities under reinsurance and insurance contracts | — | — |
Provisions | 346,190 | 376,159 |
Pensions and other post-employment defined benefit obligations | 1,408 | 1,293 |
Other long-term employee benefits | — | — |
Pending legal issues and tax litigation | 133,524 | 122,755 |
Commitments and guarantees given | 29,441 | 39,143 |
Other provisions | 181,817 | 212,968 |
Tax liabilities | 463,012 | 291,132 |
Current tax liabilities | 399,716 | 231,932 |
Deferred tax liabilities | 63,296 | 59,200 |
Share capital repayable on demand | — | — |
Other liabilities | 407,143 | 349,279 |
Of which: welfare fund (savings banks and credit cooperatives only) | — | — |
Liabilities included in disposal groups classified as held for sale | — | — |
TOTAL LIABILITIES | 107,688,702 | 102,602,060 |
LIABILITIES AND EQUITY (continued) | 31/12/2023 | 31/12/2022 (*) |
Shareholders' equity | 5,445,304 | 5,034,000 |
Capital | 269,660 | 269,660 |
Paid up capital | 269,660 | 269,660 |
Unpaid capital which has been called up | — | — |
Memorandum items: uncalled share capital | — | — |
Share premium | — | — |
Equity instruments issued other than capital | — | — |
Equity component of compound financial instruments | — | — |
Other equity instruments issued | — | — |
Other equity | 19,807 | 11,905 |
Retained earnings | 4,650,297 | 4,406,753 |
Revaluation reserves | — | — |
Other reserves | (12,312) | (13,290) |
Reserves or accumulated losses of investments in joint ventures and associates | (12,312) | (13,290) |
Other | — | — |
(-) Treasury shares | (1,365) | (1,393) |
Profit or loss attributable to owners of the parent | 844,787 | 560,203 |
(-) Interim dividends | (325,570) | (199,838) |
Accumulated other comprehensive income | (122,364) | (129,028) |
Items that will not be reclassified to profit or loss | (81,224) | (47,171) |
Actuarial gains or (-) losses on defined benefit pension plans | 5,876 | 6,135 |
Non-current assets and disposal groups classified as held for sale | — | — |
Share of other recognised income and expense of investments in joint ventures and associates | — | — |
Fair value changes of equity instruments measured at fair value through other comprehensive income | (87,100) | (53,306) |
Hedge ineffectiveness of fair value hedges for equity instruments measured at fair value through other comprehensive income | — | — |
Fair value changes of equity instruments measured at fair value through other comprehensive income (hedged item) | — | — |
Fair value changes of equity instruments measured at fair value through other comprehensive income (hedging instrument) | — | — |
Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in their credit risk | — | — |
Items that may be reclassified to profit or loss | (41,140) | (81,857) |
Hedge of net investments in foreign operations (effective portion) | — | — |
Foreign currency translation | — | — |
Hedging derivatives. Cash flow hedges (effective part) | (12,548) | 4,434 |
Fair value changes of debt instruments measured at fair value through other comprehensive income | (27,321) | (71,776) |
Hedging instruments (not designated elements) | — | — |
Non-current assets and disposal groups classified as held for sale | — | — |
Share of other recognised income and expense of investments in joint ventures and associates | (1,271) | (14,515) |
Minority interests (Non-controlling interests) | — | — |
Accumulated other comprehensive income | — | — |
Other items | — | — |
TOTAL EQUITY | 5,322,940 | 4,904,972 |
TOTAL EQUITY AND LIABILITIES | 113,011,642 | 107,507,032 |
MEMORANDUM ITEMS: OFF-BALANCE-SHEET EXPOSURES | ||
Contingent commitments given | 16,129,393 | 16,370,121 |
Financial guarantees given | 1,689,894 | 1,976,956 |
Other commitments given | 11,462,378 | 9,682,797 |
(Debit)/Credit | (Debit)/Credit | |
31/12/2023 | 31/12/2022 (*) | |
Interest income | 3,677,727 | 1,767,606 |
Financial assets at fair value through other comprehensive income | 15,047 | 50,749 |
Financial assets at amortised cost | 3,151,070 | 1,650,888 |
Other interest income | 511,610 | 65,969 |
Interest expenses | (1,464,227) | (230,884) |
Expenses on share capital repayable on demand | — | — |
A) NET INTEREST INCOME | 2,213,500 | 1,536,722 |
Dividend income | 15,261 | 17,960 |
Share of the profit or loss of entities accounted for using the equity method | 31,575 | 36,600 |
Fee and commission income | 817,059 | 789,379 |
Fee and commission expenses | (192,767) | (183,287) |
Gains or losses on derecognition of financial assets and liabilities not measured at fair value through profit or loss, net | 19,922 | 38,182 |
Financial assets at amortised cost | 29,237 | 34,403 |
Other financial assets and liabilities | (9,315) | 3,779 |
Gains or losses on financial assets and liabilities held for trading, net | 73,181 | 26,251 |
Reclassification of financial assets out of fair value through other comprehensive income | — | — |
Reclassification of financial assets out of amortised cost | — | — |
Other gains or losses | 73,181 | 26,251 |
Gains or losses on non-trading financial assets mandatorily at fair value through profit or loss, net | 5,467 | 14,079 |
Reclassification of financial assets out of fair value through other comprehensive income | — | — |
Reclassification of financial assets out of amortised cost | — | — |
Other gains or losses | 5,467 | 14,079 |
Gains or losses on financial assets and liabilities designated at fair value through profit or loss, net | — | — |
Gains or losses from hedge accounting, net | 1,813 | (109) |
Exchange differences [gain or loss], net | (64,834) | (7,611) |
Other operating income | 34,898 | 30,734 |
Other operating expenses | (294,532) | (214,598) |
Of which: compulsory transfers to welfare funds (only savings banks and credit cooperatives) | — | — |
Income from assets under insurance and reinsurance contracts | — | — |
Expenses from liabilities under insurance and reinsurance contracts | — | — |
B) GROSS OPERATING INCOME | 2,660,543 | 2,084,302 |
Administrative expenses | (911,309) | (837,950) |
Staff expenses | (557,923) | (508,859) |
Other administrative expenses | (353,386) | (329,091) |
Depreciation and amortisation | (82,069) | (80,088) |
Provisions or reversal or provisions | (79,678) | (107,017) |
Impairment or reversal of impairment and gains or losses on modifications of cash flows of financial assets not measured at fair value through profit or loss or modification of gains or losses, net | (338,174) | (253,018) |
Financial assets at fair value through other comprehensive income | (9,784) | (80) |
Financial assets at amortised cost | (328,390) | (252,938) |
Impairment or reversal of impairment of investments in joint ventures and associates | — | — |
Impairment or reversal of impairment on non-financial assets | (10,214) | (9,192) |
Tangible assets | — | (56) |
Intangible assets | (10,214) | (9,136) |
Other | — | — |
Gains or losses on derecognition of non-financial assets and investments, net | (3,012) | (1,313) |
Negative goodwill recognised in profit or loss | — | — |
Profit or loss from non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations | (7,247) | (10,687) |
C) PROFIT OR LOSS BEFORE TAX FROM CONTINUING OPERATIONS | 1,228,840 | 785,037 |
Tax expense or income related to profit or loss from continuing operations | (384,053) | (224,834) |
D) PROFIT OR LOSS AFTER TAX FROM CONTINUING OPERATIONS | 844,787 | 560,203 |
Profit or loss after tax from discontinued operations | — | — |
E) PROFIT OR LOSS FOR THE PERIOD | 844,787 | 560,203 |
Attributable to minority interests (non-controlling interests) | — | — |
Attributable to the owners of the parent | 844,787 | 560,203 |
EARNINGS PER SHARE: | ||
Basic | 0.94 | 0.62 |
Diluted | 0.91 | 0.61 |
31/12/2023 | 31/12/2022 (*) | |
PROFIT OR LOSS FOR THE PERIOD | 844,787 | 560,203 |
OTHER COMPREHENSIVE INCOME | 6,664 | (244,567) |
Items that will not be reclassified to profit or loss | (34,053) | (104,774) |
Actuarial gains or (-) losses on defined benefit pension plans | (368) | 4,060 |
Non-current assets and disposal groups held for sale | — | — |
Share of other recognised income and expense of investments in joint ventures and associates | — | — |
Fair value changes of equity instruments measured at fair value through other comprehensive income | (34,309) | (109,276) |
Gains or (-) losses from hedge accounting of equity instruments at fair value through other comprehensive income, net | — | — |
Fair value changes of equity instruments measured at fair value through other comprehensive income (hedged item) | — | — |
Fair value changes of equity instruments measured at fair value through other comprehensive income (hedging instrument) | — | — |
Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in their credit risk | — | — |
Income tax relating to items that will not be reclassified | 624 | 442 |
Items that may be reclassified to profit or loss | 40,716 | (139,793) |
Hedge of net investments in foreign operations (effective portion) | — | — |
Valuation gains or (-) losses taken to equity | — | — |
Transferred to profit or loss | — | — |
Other reclassifications | — | — |
Foreign currency translation | — | — |
Translation gains or (-) losses taken to equity | — | — |
Transferred to profit or loss | — | — |
Other reclassifications | — | — |
Cash flow hedges [effective portion] | (24,261) | 6,981 |
Valuation gains or (-) losses taken to equity | (24,261) | 6,981 |
Transferred to profit or loss | — | — |
Transferred to initial carrying amount of hedged items | — | — |
Other reclassifications | — | — |
Hedging instruments (not designated elements) | — | — |
Valuation gains or (-) losses taken to equity | — | — |
Transferred to profit or loss | — | — |
Other reclassifications | — | — |
Debt instruments at fair value through other comprehensive income | 63,507 | (179,611) |
Valuation gains or (-) losses taken to equity | 43,724 | (177,545) |
Transferred to profit or loss | 19,783 | (2,066) |
Other reclassifications | — | — |
Non-current assets and disposal groups held for sale | — | — |
Valuation gains or (-) losses taken to equity | — | — |
Transferred to profit or loss | — | — |
Other reclassifications | — | — |
Share of other recognised income and expense of investments in joint ventures and associates | 13,244 | (18,952) |
Income tax relating to items that may be reclassified to profit or (-) loss | (11,774) | 51,789 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 851,451 | 315,636 |
Attributable to minority interests (non-controlling interests) | — | — |
Attributable to the owners of the parent | 851,451 | 315,636 |
Minority interests | ||||||||||||||
Share capital (Note 21) | Share premium (Note 21) | Equity instruments issued other than capital | Other equity | Retained earnings | Revaluation reserves (Note 21) | Other reserves (Note 12) | (-) Treasury shares (Note 21) | Profit or loss attributable to owners of the parent | (-) Interim dividends (Note 21) | Accumulated other comprehensive income (Note 22) | Accumulated other comprehensive income | Other items | Total | |
Closing balance at 31/12/2022 | 269,660 | — | — | 11,905 | 4,406,753 | — | (13,290) | (1,393) | 560,203 | (199,838) | (129,028) | — | — | 4,904,972 |
Effects of correction of errors | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Effects of changes in accounting policies | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Opening balance 01/01/2023 | 269,660 | — | — | 11,905 | 4,406,753 | — | (13,290) | (1,393) | 560,203 | (199,838) | (129,028) | — | — | 4,904,972 |
Total comprehensive income for the period | — | — | — | — | — | — | — | — | 844,787 | — | 6,664 | — | — | 851,451 |
Other changes in equity | — | — | — | 7,902 | 243,544 | — | 978 | 28 | (560,203) | (125,732) | — | — | — | (433,483) |
Issuance of ordinary shares | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Issuance of preference shares | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Issuance of other equity instruments | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Exercise or maturity of other equity instruments issued | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Conversion of debt to equity | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Share capital reductions | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Dividends (or shareholder remuneration) | — | — | — | — | — | — | — | — | — | (405,773) | — | — | — | (405,773) |
Purchase of treasury shares | — | — | — | — | (294) | — | — | (79,119) | — | — | — | — | — | (79,413) |
Sale or cancellation of treasury shares | — | — | — | — | — | — | — | 79,147 | — | — | — | — | — | 79,147 |
Reclassification of financial instruments from equity to liability | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Reclassification of financial instruments from liability to equity | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Transfers between equity components | — | — | — | — | 280,162 | — | — | — | (560,203) | 280,041 | — | — | — | — |
Increases or (-) decreases in equity resulting from business combinations | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Share-based payments | — | — | — | 7,902 | — | — | — | — | — | — | — | — | — | 7,902 |
Other increases or (-) decreases in equity | — | — | — | — | (36,324) | — | 978 | — | — | — | — | — | — | (35,347) |
Of which: discretionary transfer to welfare funds (only savings banks and credit cooperatives) | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Closing balance at 31/12/2023 | 269,660 | — | — | 19,807 | 4,650,297 | — | (12,312) | (1,365) | 844,787 | (325,570) | (122,364) | — | — | 5,322,940 |
Minority interests | ||||||||||||||
Share capital (Note 21) | Share premium (Note 21) | Equity instruments issued other than capital | Other equity | Retained earnings | Revaluation reserves (Note 21) | Other reserves (Note 21) | (-) Treasury shares (Note 21) | Profit or loss attributable to owners of the parent | (-) Interim dividends (Note 21) | Accumulated other comprehensive income (Note 22) | Accumulated other comprehensive income | Other items | Total | |
Closing balance 31/12/2021 (*) | 269,660 | — | — | 6,163 | 3,306,854 | — | (12,093) | (1,025) | 1,333,108 | (166,046) | 115,539 | — | — | 4,852,160 |
Effects of correction of errors | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Effects of changes in accounting policies | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Opening balance 01/01/2022 | 269,660 | — | — | 6,163 | 3,306,854 | — | (12,093) | (1,025) | 1,333,108 | (166,046) | 115,539 | — | — | 4,852,160 |
Total comprehensive income for the period | — | — | — | — | — | — | — | — | 560,203 | — | (244,567) | — | — | 315,636 |
Other changes in equity | — | — | — | 5,742 | 1,099,899 | — | (1,197) | (368) | (1,333,108) | (33,792) | — | — | — | (262,824) |
Issuance of ordinary shares | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Issuance of preference shares | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Issuance of other equity instruments | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Exercise or maturity of other equity instruments issued | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Conversion of debt to equity | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Share capital reductions | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Dividends (or shareholder remuneration) | — | — | — | — | — | — | — | — | — | (252,480) | — | — | — | (252,480) |
Purchase of treasury shares | — | — | — | — | (145) | — | — | (84,469) | — | — | — | — | — | (84,614) |
Sale or cancellation of treasury shares | — | — | — | — | — | — | — | 84,101 | — | — | — | — | — | 84,101 |
Reclassification of financial instruments from equity to liability | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Reclassification of financial instruments from liability to equity | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Transfers between equity components | — | — | — | — | 1,114,420 | — | — | — | (1,333,108) | 218,688 | — | — | — | — |
Increases or (-) decreases in equity resulting from business combinations | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Share-based payments | — | — | — | 5,742 | — | — | — | — | — | — | — | — | — | 5,742 |
Other increases or (-) decreases in equity | — | — | — | — | (14,376) | — | (1,197) | — | — | — | — | — | — | (15,573) |
Of which: discretionary transfer to welfare funds (only savings banks and credit cooperatives) | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Closing balance 31/12/2022 (*) | 269,660 | — | — | 11,905 | 4,406,753 | — | (13,290) | (1,393) | 560,203 | (199,838) | (129,028) | — | — | 4,904,972 |
31/12/2023 | 31/12/2022 (*) | |
A) CASH FLOWS FROM OPERATING ACTIVITIES | 658,419 | (8,034,976) |
Profit or loss for the period | 844,787 | 560,203 |
Adjustments to obtain cash flows from operating activities | 922,760 | 698,795 |
Depreciation and amortisation | 82,069 | 80,088 |
Other adjustments | 840,691 | 618,707 |
Net increase/(decrease) in operating assets | 5,343,481 | 9,405,758 |
Financial assets held for trading | 449,484 | 17,514 |
Non-trading financial assets mandatorily at fair value through profit or loss | 16,899 | 29,864 |
Financial assets designated at fair value through profit or loss | — | — |
Financial assets at fair value through other comprehensive income | (1,583,771) | 392,816 |
Financial assets at amortised cost | 6,623,995 | 8,182,913 |
Other operating assets | (163,127) | 782,651 |
Net increase/(decrease) in operating liabilities | 4,563,853 | 59,516 |
Financial liabilities held for trading | 548,593 | (349,298) |
Financial liabilities designated at fair value through profit or loss | — | — |
Financial liabilities at amortised cost | 3,807,742 | 295,483 |
Other operating liabilities | 207,518 | 113,331 |
Income tax recovered/(paid) | (329,500) | 52,268 |
B) CASH FLOWS FROM INVESTING ACTIVITIES | (44,234) | (234,051) |
Payments | 170,062 | (287,478) |
Tangible assets | 21,713 | (18,838) |
Intangible assets | 68,669 | (53,412) |
Investments in joint ventures and associates | — | — |
Subsidiaries and other business units | 51,946 | (27,081) |
Non-current assets and liabilities classified as held for sale | 27,734 | (188,147) |
Other payments related to investing activities | — | — |
Proceeds | 125,828 | 53,427 |
Tangible assets | 9,180 | 4,880 |
Intangible assets | 382 | 2,334 |
Investments in joint ventures and associates | 3,846 | 2,166 |
Subsidiaries and other business units | — | — |
Non-current assets and liabilities classified as held for sale | 112,420 | 44,047 |
Other proceeds related to investing activities | — | — |
C) CASH FLOWS FROM FINANCING ACTIVITIES | (105,807) | (752,846) |
Payments | 484,953 | (836,948) |
Dividends | 405,834 | (252,479) |
Subordinated liabilities | — | (500,000) |
Redemption of own equity instruments | — | — |
Acquisition of own equity instruments | 79,119 | (84,469) |
Other payments related to financing activities | — | — |
Proceeds | 379,146 | 84,102 |
Subordinated liabilities | 300,000 | — |
Issuance of own equity instruments | — | — |
Disposal of own equity instruments | 79,146 | 84,102 |
Other proceeds related to financing activities | — | — |
D) EFFECT OF EXCHANGE RATE CHANGES | — | — |
E) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C+D) | 508,378 | (9,021,873) |
F) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 13,351,217 | 22,373,090 |
G) CASH AND CASH EQUIVALENTS AT END OF PERIOD | 13,859,595 | 13,351,217 |
Of which: Interest received | 3,737,346 | 1,692,647 |
Of which: Interest paid | 1,122,078 | 260,396 |
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