BANKINTER's first half net income increased 10.34 percent; earnings per share up 16.14 percent over 1995 first half.MADRID--(BUSINESS WIRE)--July 11, 1996--BANKINTER, S.A. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Bulletin Board Symbol BKISY) announced today that net income for the first half of 1996 amounted to Ptas.(a) 8,687 million, an increase of 10.34 percent over net income for the first half of 1995. Pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income for the first half totalled Ptas. 12,566 million, an increase of 10.50 percent over the first half of the previous year. The increase was due to an improvement of 23.42 percent in the Bank's total net ordinary revenue. Deducting operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. leaves net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of Ptas. 16,595 million, an increase of 47.35 percent over net operating income for the first half of 1995. Discretionary allowances for loan loss provisions were Ptas. 2,738 million, compared to Ptas. 54 million for the first half of 1995. As a result of the Bank's prudent provisioning policy, loan loss coverage now stands at 143.19 percent (336.97 percent excluding doubtful loans secured by real guarantees). This provisioning policy is in line with the increase in lending by BANKINTER Bankinter, S.A., (BME:BKT) (Banco Intercontinental Español) is a Spanish commercial bank founded in 1965 as a joint venture between Banco Santander and Bank of America, neither of which is currently an owner. , chiefly in the residential mortgage market. On June June: see month. 30, 1996, the percentage of doubtful loans to total credit risk was 1.22 percent, one of the lowest of all Spanish banks
The earnings performance of the Bank's customer business and capital markets areas was favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. during the first six months of 1996. Pre-tax income from customer business amounted to Ptas. 11,177 million, an increase of 16.53 percent over the same period of 1995. Pre-tax income from capital markets operations was Ptas. 4,700 million, a 366.26 percent increase over the 1995 first half figure. In view of the Bank's favorable earnings performance during the first six months of 1996, at the June 27th Shareholders' Meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. , the shareholders of BANKINTER approved three measures aimed at maximizing max·i·mize tr.v. max·i·mized, max·i·miz·ing, max·i·miz·es 1. To increase or make as great as possible: the return to shareholders: (1) a new capital reduction, (2) the cash distribution of a portion of paid-in surplus paid-in surplus See additional paid-in capital. , and (3) a 20.97 percent increase in this year's first interim dividend. (a) On June 30, 1996, Pesetas 128.23 were equal to US$1.00. -0-
BANKINTER S.A.
FINANCIAL HIGHLIGHTS
(Millions of Pesetas) 6-30-96 6-30-95 Amount %
Shareholders' equity 107,850 108,663 (813) (0.75)
Total assets 1,671,389 1,344,007 327,382 24.36
Credit facilities and loans 741,917 641,240 100,677 15.70
Customer funds 909,498 787,851 121,647 15.44
Off-balance sheet managed funds 858,865 682,289 176,576 25.88
Mutual and pension funds 746,191 587,336 158,855 27.05
Cash flow 28,081 17,430 10,651 61.11
Net income 8,687 7,873 814 10.34
Capital ratio 13.23% 15.65% -2.42% (15.46) Efficiency ratio 41.71% 48.30% -6.59% (13.64) ROE 17.73% 16.26% 1.47% 9.04 ROA 0.98% 1.26% -0.28% (22.22) Number of branches 252 252 0 0 Number of employees 2,241 2,153 88 4.09 -0-
COMPARATIVE INCOME STATEMENTS
First Half Variation
1996 1995
Amount % (1) Amount % (1) Amount %
(Millions of Pesetas)
Average total
assets 1,779,322 1,261,577 517,745 41.04%
Interest revenue 75,211 8.50 58,451 9.34 16,760 28.67%
Fixed-income
securities 16,755 1.89 14,584 2.33 2,171 14.89%
Interest expense 56,838 6.42 41,606 6.65 15,232 36.61%
Revenue from equity
portfolio 227 0.03 244 0.04 (17) (6.97%)
Net interest revenue 18,600 2.10 17,089 2.73 1,511 8.84%
Fees and commissions,
net 8,168 0.92 7,524 1.20 644 8.56%
Revenue from financial
transactions 4,396 0.50 638 0.10 3,758 589.03%
Total net ordinary
revenue 31,164 3.52 25,251 4.04 5,913 23.42%
Operating expenses 12,999 1.47 12,196 1.95 803 6.58%
a) Personnel 8,176 0.92 7,369 1.18 807 10.95%
b) General and
administrative 4,823 0.55 4,827 0.77 (4) (0.08%)
Depreciations 1,346 0.15 1,665 0.27 (319) (19.16%)
Other operating
expenses (224) (0.03) (128) (0.02) (96) (75.00%)
Net Operating income 16,595 1.88 11,262 1.80 5,333 47.35%
Income of companies -
equity meth (337) (0.04) 54 0.01 (391)(724.07%)
Income from group
transactions 1 0.00 304 0.05 (303) (99.67%)
Writeoffs and
provisions for loan 2,738 0.31 54 0.01 2,684 4970.37%
Writedown of financial
investment (44) (0.00) 163 0.03 (207)(126.99%)
Extraordinary income (999) (0.11) (31) (0.00) (968)(3122.58%)
Income before taxes 12,566 1.42 11,372 1.82 1,194 10.50%
Income tax 3,879 0.44 3,499 0.56 380 10.86%
Net consolidated
income 8,687 0.98 7,873 1.26 814 10.34%
(1) Annualized percentage of average total assets -0-
BALANCE SHEET
Variation
(Millions of Pesetas) 6-30-96 6-30-95 Amount %
Assets
Cash on hand and on deposit at central banks 14,022 17,107 (3,085) (18.03) Government debt securities 355,165 309,904 45,261 14.60 Due from banks 474,970 281,382 193,588 68.80 Credit facilities and loans 741,917 641,240 100,677 15.70 Fixed-income securities 14,604 8,016 6,588 82.19 Equity securities 7,842 7,572 270 3.57 Premises and equipment and intang 22,535 24,635 (2,100) (8.52) Treasury stock 0 8,197 (8,197) (100.00) Other assets 21,057 29,571 (8,514) (28.79) Accrual accounts 19,277 16,383 2,894 17.66
1,671,389 1,344,007 327,382 24.36
Liabilities and Shareholders' equity Due to banks 544,243 348,570 195,673 56.14 Customer deposits 897,933 771,890 126,043 16.33 Marketable debt securities 11,565 15,961 (4,396) (27.54) Other liabilities 32,356 23,512 8,844 37.61 Accrual accounts 36,508 29,811 6,697 22.46 General risk allowance and other 40,934 37,403 3,531 9.44 Consolidated income 8,687 7,873 814 10.34 Paid-in capital 20,949 23,142 (2,193) (9.48) Reserves 78,214 85,845 (7,631) (8.89)
1,671,389 1,344,007 327,382 24.36
-0-
NONPERFORMING LOANS
Variation
(Millions of Pesetas) 6-30-96 6-30-95 Amount %
Beginning balance (Jan. 1) 12,218 18,881 (6,663) (35.29) + Additions 3,138 3,863 (725) (18.77) - Recoveries (2,730) (5,032) 2,302 45.75 - Writeoffs (1,772) (2,662) 890 33.43 Mandatory loan loss allowance 13,008 12,892 116 0.90 Recorded loan loss allowance 15,542 15,450 92 0.60 Recorded allowance/Nonperforming 143.19 102.66 40.53 39.48 Recorded allowance/Unsecured nonperforming loans (%) 336.97 183.77 153.20 83.36 Nonperforming loans/Total risk exposure (%) 1.22 1.94 (0.72) (37.18) Foreclosed assets (balance) 7,595 7,929 (334) (4.21) CONTACT: BANKINTER S.A. Alfonso Alfonso the murdered prince returns as a ghost to frustrate the usurper and proclaim the true heir. [Br. Lit.: Walpole The Castle of Otranto in Magill I, 124] See : Ghost Alfaro Alfaro may refer to:
or Wattel/Della Corte Corte (Corsican Corti) in is a town and a commune in the Haute-Corse département in central Corsica, in France. It is the fourth-largest commune in Corsica (after Ajaccio, Bastia, and Porto-Vecchio), with a 1999 census population of 6,329 inhabitants. Inc. Jerome Jerome St. Latin doctor of Church; preeminent biblical scholar. [Christian Hagiog.: Attwater, 185] See : Wisdom Wattel, 212/599-2369 |
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