Bankinter soars to historic highs: this is how analysts value its results

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By TP


Bankinter has soared to historic highs (excluding dividends) after publish its first half results and raise its annual forecast for net interest income. These are the first assessments that analysts have made of their accounts. The experts of Rent 4which they advise 'overweight' the value, with a valuation of 7.90 eurosthey comment that «the results have been placed in line with our estimates on interest margin and have exceeded by 1% in gross margin, supported by net commissions 5% above our forecast.» «On the other hand,» they add, «higher provisions lead to net profit being 2% below our estimate. In comparison with the consensus, the Figures have also been fairly alignedincluding net profit (+1% vs. consensus)». They also point out that «the volume metrics have maintained the good tone seen in the first quarter, with a 5% increase in the credit portfolio, in line with the mid-single-digit growth expected for the year.» For their part, analysts at Jefferieswhich they advise 'keep' the value in portfolio, with a target price of 7.10 eurosthey point out that net profit has been boosted «by better margins, commissions and costs, only offset by a small loss in impairments.» According to their assessment, «the Net interest income trends remain positivewith a quarterly growth of 1%, as margin dynamics remain favorable and the cost of deposits remained stable in the quarter.»