Bankinter, S.A. (BKIMF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and welcome to Bonquinza's first quarter 2026 results presentation. Financial statements were posted with market authorities earlier this morning, and all materials can be found on our corporate website. Please refer to the disclaimer in the presentation and note that this call is being recorded. Today, we welcome our Chief Executive Officer, Gloria Ortiz, and our Chief Financial Officer, Jacobo Diaz. Gloria, over to you. Thank you, Laurie. Let me start with the key highlights for the quarter, which confirm the strength of our business model. Disciplined volume growth, continued margin improvements, a diversified and resilient income base, and best-in-class efficiency and risk metrics. In volatile markets and in an environment of geopolitical uncertainty, that combination is not a nice to have. It is what protects earnings power through the cycles. This quarter, we delivered it once again, with growth that is both profitable and controlled, supported by high-quality balance sheets. First, customer volumes increased by 6.5%, with customer lending at 5%, retail funds at 1%, and assets under management growing by 17%. This is balanced growth. We are growing where we see attractive risk-adjusted returns, and we are doing so without compromising the quality of the franchise. Second, on margins, we continue to demonstrate strong pricing discipline, with customer margins at 2.68% and NIM at 1.76%. In other words, we are not buying growth, we are growing selectively with strict pricing discipline. Third, our income sources are increasingly more diversified and resilient. Net interest income grew by 5.5% and net fees by 8%, driving gross operating income growth of 6.5%. Finally, operational excellence and balance sheet strength remain key defining features of Ba...