Bloomberg News

Bankinter Says ‘Feasible’ to Increase Earnings by 20% This Year

March 15, 2012

Bankinter SA (BKT) Chief Executive Officer Maria Dolores Dancausa told shareholders it’s “more than feasible” for the Spanish mortgage lender to boost profit by 20 percent this year.

“We are absolutely determined and sure that the bank is going to increase its profit compared with last year,” Dancausa told shareholders at the bank’s annual general meeting in Madrid today.

Bankinter said in January it had met a pledge made by Dancausa to boost 2011 profit by 20 percent as it posted full- year earnings of 181 million euros ($237 million). The lender will “keep betting” on its growing insurance unit and develop its private banking and company lending divisions as it seeks to boost profit this year, she said.

Bankinter, which has 59 billion euros of assets, borrowed 9.5 billion euros at the European Central Bank’s auctions, said Dancausa. The lender will remain “very alert” to acquisition opportunities at home and abroad to increase its size even though it considers it “sufficient,” Chairman Pedro Guerrero told shareholders in a speech today.

Bankinter rose as much as 1.5 percent to 4.78 euros in Madrid trading today. The bank is forecast to earn 184 million euros this year, according to the average estimate in a Bloomberg survey of 17 analysts.

To contact the reporter on this story: Charles Penty in Madrid at cpenty@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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