2024-04-19 23:10:57 ET
Summary
- Shares of Spanish lender Bankinter have started 2024 well, helped by a nice jump following strong Q1 results released earlier this week.
- Earnings and profitability remain resilient, with interest margins stable and asset quality still very strong.
- While Bankinter is on track to roughly match last year's strong performance, a healthy premium to tangible book value reflects this, leaving the shares with limited room for further upside.
Shares of Spanish bank Bankinter ( BKIMF )( BKNIY ) enjoyed a nice bump this week following strong first quarter results, helping to fuel meaningful year-to-date outperformance versus wider European financials ( EUFN ). With interest rate spreads and credit quality both remaining resilient given where we are in the cycle, Bankinter continues to report very attractive levels of profitability despite the headwind from Spain's windfall banking tax....
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Bankinter: Strong Q1 Results Indicate Resilient Earnings