Bankinter S.A. - Bankia S.A. (BKIA) Bankia 3Q17 results: Net profit beats consensus due to a lower tax rate

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Bankinter S.A.

Marisa Mazo

Bankia 3Q17 results: Net profit beats consensus due to a lower tax rate

Bankia obtained €225mn in net group profit in 3M17 (–10.0% yoy and +7.1%) surpassing consensus estimates (€204mn) due to a lower tax rate (13.0%). Revenues behaved as weak as expected: net interest income declined –7.0% yoy and –3.9% qoq, to €472mn, fees increased +2.7% yoy but fell –3.6% qoq to €210mn and trading income halved qoa. All in, total revenues amounted to €751mn (–-3.0% yoy and –1.4% qoq). Costs rose +2.6% qoq, to €388mn and pre–provision profit was €364mn (-6.2%yoy and –5.2% qoq), totally in line with both our estimates and consensus. 9M17 cost of risk is 24bp, with no change with 9M16. NPL ratio declined to 8.8% in September 2017 (from 9.1% in June 2017) while coverage stands at 53.8%. Total gross loans declined to €108.6bn (–0.8% qoq and –3.4% yoy) mainly due to the –5.7%yoy fall in mortgages whose new production is still not enough to offset maturities. Customer funds amounted to €117.3bn, experiencing a –0.4% yoy an –1.7% qoq fall. CET1 fully loaded increased to 14.16%.

30/10/2017 4 EN

Underlying

Bankia S.A.

Bankia is a financial institution based in Spain. Co. is primarily engaged in operations in the banking sector. Co.'s business operations are structured into seven areas: Retail Banking, Business Banking, Private Banking, Asset Management and Bancassurance, Capital Markets and Holdings. Co. offers financial products and services to various customer segments, such as individuals, small and medium enterprises, large corporations, as well as public and private institutions. As of Dec 31 2014, Co. had total assets and total customer deposits of Euro233,648,603,000 and Euro106,806,698,000 respectively.

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ES0113307062 Madrid Stock Exchange Spain

Provider

Bankinter S.A.

Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.

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Analysts

Marisa Mazo

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