The new banking tax creates uncertainty and scares away investors. This is the conclusion reached by María Dolores Dancausa, CEO of Bankinter, in the presentation of the group's results. What I don't understand is the generation unnecessary uncertaintymeasures of this type without the slightest warning, without the slightest debate... This tax causes many investors to turn their backs on our sector and our country", he explained.
Dancausa has highlighted that "uncertainty generates a lot of damage and that it is very slow and laborious to reverse". Likewise, he has made reference to the fact that he does not share the "intrinsic evil" of trying to hang blame everything on the sectordespite the easy argument of attacking the bank.
Asked if Bankinter will go to court to defend itself from the tax, Dancausa has been blunt: «The imposition of this tax seems absolutely unfair to us and we are going to assess all the possibilities before having to assume it. If we have loopholes not to do it because legally the Law assists us, as it is an unfair tax, we will fight it. This is the first time in the sector that there is talk of taking the measure to court.
In his opinion, it is a tax, in the absence of knowing the details, which has no "economic justification", even more so considering that the bank already pays its taxes in Companies, being one of the unions that contributes the most, according to explained.
As ABC published, the specific tax on banks has ended for break trust of the sector towards the Government for the way in which their communication has been treated. In this sense, this will be one of the reproaches that the union transfers to the Executive in tomorrow's meeting with Nadia Calviño, in addition to warning about the damage to the economy and the investment that this tribute would generate.
Profit of 271 million
Línea Directa's contribution to the group's results has already been supplied by the banking business. «All the business lines and margins of the income statement, as well as the main indicators, show growth compared to the same period of 2021, which confirms Bankinter's capacity to supply purely banking income from Direct Line, whose segregation from the bank occurred at the end of April 2021”, the bank has indicated.
Bankinter, thus, achieved a net profit of 271 million euros at the end of the first half, which is equivalent to 10.8% more compared to the first half of 2021, and this despite including four months of income from the insurer. These figures, yes, are excluding the extraordinary capital gain that the bank recorded for the IPO of Línea Directa. Taking into account this capital gain due to the jump to the insurance company, there is a drop in profit of 76.2% since in the first half of 2021, due to this extraordinary, profits were 1,140 million.
Going into more detail, the bank's return on equity, ROE, stood at 11.6% at the end of the first six months of 2022, and in terms of ROTE it ended at 12.3%. In both cases it represents two points more than the figures registered in the same period of the previous year.
For its part, the 'fully loaded' CET1 capital ratio reached 11.9%, well above the minimum threshold required of Bankinter by the ECB, which is 7.726%, the lowest among listed banks in Spain. As for the delinquency ratio, it was 2.11% compared to 2.34% a year ago; Thus, defaults have continued to fall despite the clouds on the horizon due to the situation of the inflation crisis and with practically no shortages in ICO credits. Likewise, the bank has strengthened the coverage of this delinquency to 64.7% compared to 62.5% a year ago, in order to prevent any worsening of the environment.