Bankinter S.A. - Renta 4 Banco 2Q17 results: An outstanding commercial performance

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Bankinter S.A.

Marisa Mazo

EUR 44.20 For Business Accounts Only

Renta 4 Banco 2Q17 results: An outstanding commercial performance

Renta 4 Banco obtained €7.2mn in 1H17, up + 30.9% yoy. 2Q17 net profit was €3.2mn (+16.1% yoy and –8.8% qoq). Total revenue increased +14.6% yoy, to €37.5mn while costs rose +7.9%, to €26.7mn. Pre–provision profit reached €10.8mn, implying an impressive +35.8% growth rate. Profit before taxes increased +45.2%. Tax rate soared to 36.6% due to the losses in its Latin-American investments. All in, its 1H17 ROE reached 16.9%, well above its cost of capital. The bank has the largest CET 1 fully loaded ratio amongst the quoted banks: 17.26%

25/07/2017 8 EN

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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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Renta 4 Banco 2Q17 results: An outstanding commercial performance

Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies

Reig Jofre: EBITDA increased +43% in 1Q20 fuelled by sales (+26%) and a higher EBITDA margin

Reig Jofre: EBITDA (adj.) +17% in 2019 and guidance is 2x in a five-year plan

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