Bankinter profits beat forecasts

 

Mid-sized Spanish bank Bankinter said on Friday nine months net profit fell 1.4 percent to 147 million euros from a year ago, beating forecasts for 144 million euros.

Net interest income - what a bank earns on loans, minus what it pays out on deposits - fell 10.5% during the first nine months to 393.5 million euros, also beating forecasts.

But Bankinter flagged that in the third quarter, net interest income grew 4% to 142 million euros "the highest level for four quarters" and consolidated the improved trend begun in the first quarter.

Bad loans as a percentage of total lending rose to 3.1% at end-September from 3.04% at end-June.