Bankinter SA (BKT.MC): Thoughts post conference call

研报英文原文证据摘录

Bankinter SA (BKT.MC): Thoughts post conference call

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23 Jul 2026 07:29:36 ET │ 11 pages

Bankinter SA (BKT.MC)

Thoughts post conference call

CITI'S TAKE

Buy Management delivered a constructive message, upgrading underlying fee

guidance and indicating NII should reach the upper end of its mid-single- Price (23 Jul 26 09:24) €15.91

digit growth range in 2026E. Loan growth remains strong, particularly in Target price €16.95

Ireland, Portugal and corporate banking, while a more supportive rate Expected share price return 6.5%

backdrop should support customer spreads, partly offsetting somewhat Expected dividend yield 4.2%

higher deposit costs going forward. Wealth management continues to Expected total return 10.7%

gain importance, with BKT highlighting growing maturity across its

Market Cap €14,301M alternative investment platform and the potential for a higher frequency of

US$16,320M performance fees over time. Management reiterated >20% RoTE target,

which should support capital generation.

Borja Ramirez SeguraAC

+44-20-7508-0206

• Management now expects NII 2026E to grow towards the upper end of borja.ramirez@citi.com

mid-single digit YoY (compared to mid-single digit growth previously, and

Anand Demble

c.5.6% growth YoY as per VA consensus expectations). This is above the

+44-20-7986-4056

volume growth target for 2026E of mid-single digit YoY, supported by anand.gopal.demble@citi.com

higher expected interest rates. BKT's NII sensitivity is c.7% over 24 months

for 100bps higher interest rates. BKT expects customer spread to remain at Andre Nemec

or above 270bpbs going forward (2Q26: 271bps). +44-20-7986-2889

andre.nemec@citi.com

• Management reiterated its expectation for mid-single-digit loan growth