Interview with the Chief Executive Officer

In 2025, Bankinter confirmed its position as a stronger, more digital bank that is better prepared to compete in Europe.

Gloria Ortiz. Chief Executive Officer of Bankinter

Video

How would you describe the economic environment in which Bankinter carried out its business in 2025?

2025 has been a particularly complex year. The European economy experienced episodes of financial volatility, trade tensions between blocs and monetary adjustments after a prolonged cycle of interest rate hikes. Against this backdrop, Spain, Portugal and Ireland – the markets in which we are present – were more resilient than expected, supported by consumption, exports and a stable labour market.

For the banking sector, this environment meant working with tighter margins, a cost of liabilities that is still burdensome and intense competition in asset products. Such a scenario was not a hindrance for Bankinter: but rather a test of strength that allowed us to reaffirm our model, precisely because we are able to compete with a disciplined and customer-focused approach.

In 2025, Bankinter celebrated its 60th anniversary by achieving historic results, including profit of over 1,000 million euros. What was the key to success in such an exceptional year?

The first thing I would emphasise is that the 2025 results are not the product of one single factor, but rather a sum of consistent decisions taken over the last few years. Net profit stood at over 1,000 million euros for the first time ever and this was achieved entirely organically, without any extraordinary operations.

Although net interest income reflected the negative effect of interest rate trends, this was amply offset by the growth in the loan book and, above all, by increased activity in businesses that contribute greater value for the customer, such as asset management, the transactional banking business and equities. This is clearly reflected in gross operating income, which grew by 5% compared with 2024, standing at 3,047 million euros, demonstrating the strong performance of business activity and the diversification of income.

Also, when you look at the metrics as a whole, the message is consistent: profitability is at historic levels, with a strong capital position and efficiency at benchmark levels, even after increasing investment in technology, talent and innovation, while the non-performing loan ratio is contained. Specifically, we are talking about a RoE of 18.9%, a ROTE of 20%, a CET1 ratio of 12.7% – well above regulatory requirements –, a cost-to-income ratio among the best in the sector, at 36.1%, and a non-performing loan ratio of 1.94%.

2025 was also an important year from a strategic perspective. Which milestones would you single out?

I would highlight three major milestones that, together, mark a turning point for the Group.

First, the consolidation of an increasingly diversified model, both in terms of business category and geographical location. In our international operations, our subsidiaries outside Spain have gone from representing 10% of gross operating income in 2020 to around 16% currently, and we expect this figure to reach 20% within three to five years. Along these lines, pre-tax profit rose by 7% to 210 million euros at Bankinter Portugal, and by 13% in Ireland, to 46 million euros. This performance confirms that our model is replicable in economies close to us.

Furthermore, in both countries we are implementing projects that fuel our medium-term growth prospects: in Portugal, the bank is making technological investments to improve the customer experience and the alliance with Universo is already showing results; while in Ireland the creation of Bankinter Ireland has expanded the scope of products and services to beyond the consumer loan segment and mortgages – with a current mortgage book of close to 4,000 million euros, equivalent to a 7% market share, complemented by approximately 1,000 million euros in consumer loans.

The second milestone is the integration of EVO Banco (our first full integration of an entity) at the same time as the creation of the Digital Organisation, which has become a driving force behind customer acquisition and the spearhead for innovative products. This project, of enormous technical and organisational complexity, has resulted in hundreds of thousands of customers from EVO Banco joining Bankinter since the summer.

And the third milestone, which looks specifically to the future, is the creation of the Consumer Affairs, Payments and New Businesses Division. This reinforces our position in a rapidly transforming field and will allow us to integrate these activities, accelerate innovation in payments and promote projects linked to the digital euro, stablecoins and other emerging instruments.

You also fared very well in the stress tests carried out on European banks by the European Banking Authority and the ECB in August…

I believe these periodic exercises are especially valuable because they provide objective and comparable data and raise the standards of transparency that customers, investors and society deserve.

For Bankinter, the results of these tests were another great achievement: they once again confirm our position as the most resilient listed bank in Spain and the euro area in a very adverse macroeconomic climate such as that facing large European financial institutions during the year.

This is not just a technical detail: it is a guarantee that establishes Bankinter as a benchmark of solidity, balance sheet solvency and responsible management, as well as reinforcing market confidence.

Innovation and artificial intelligence have played a leading role this year. Which initiatives had the greatest impact?

Bankinter has always been seen as a leading entity in the efficient application of technology in business and customer services. And this was a pivotal year in the deployment of generative artificial intelligence within the bank.

We have incorporated artificial intelligence into process automation, information management and personalised advisory services. In practice, this allows us to anticipate needs, improve efficiency and free our teams from lower value-added tasks, thus improving our ability to offer a more attentive and specialised service.

In 2025, we shored up this progress with the launch of a new artificial intelligence governance model, articulated through the "AI First" strategic programme, which establishes a common framework for an efficient implementation that is aligned with business objectives. This approach allows us to prioritise high-impact projects for customers as well as operational efficiency, foster a culture of responsible AI use throughout the organisation and guarantee the regulatory compliance and ethical principles that govern our activity at all times.

The share price had an superb performance in 2025. What was behind this?

We have always said that Bankinter is a long-term winning stock and this is exactly what we have been demonstrating over the last few decades. In 2025, as in 2024, the share price reflected this consistency.

The performance was driven by the strong commercial momentum in all the Group's businesses, both in and outside Spain, the strength of our balance sheet, a level of efficiency that stands among the best in the sector and our ability to generate capital while maintaining an attractive payout.

In addition, European and Spanish banks – including Bankinter – have made up lost ground in terms of valuation after the unfair penalty imposed on them in recent years. Despite this recovery, their valuations, e.g. in terms of P/E ratios, are still lower than the valuations of US stocks, which suggests that there may still be potential if we continue to grow.

How do you assess Bankinter's position heading into 2026? Do you believe that the strong business performance experienced in 2025 can be replicated this year?

We move into 2026 with prudence and determination, with a well- defined course and the aim of extending the momentum achieved in 2025. The cruising speed achieved in our businesses, the positive macroeconomic data in the countries in which we operate, the stabilisation of net interest income already being seen, together with our balance sheet strength and asset quality, will allow us to face the year's challenges with confidence.

That said, there are contingencies that we must not lose sight of due to their potential impact on the economy and, consequently, on the sector: real and latent armed conflicts and their consequences, protectionism and trade fragmentation, as well as weaknesses in some large European economies, among others.

In any case, I remain optimistic despite these risks. We have an extraordinary, committed and highly qualified team, which is the cornerstone of our achievements. That's why I believe that in 2026 we will once again surpass this year's business and profit figures.