Avant Money-owner sees profits rise as Irish mortgage lending hits €4bn

Bankinter reports a profit of €291m during its first quarter of this year, as its Irish branch sees lending increase by 23% over the year

Chief executive of Avant Money Niall Corbett: The bank saw mortgage lending increase 27% over the year to the end of March. 

Avant Money-owner Bankinter has reported a profit of €291m during its first quarter of this year, as its Irish branch sees lending increase by 23% over the year, with the vast majority being mortgages, the company’s latest results show.

As of the end of March, the Spanish company’s total assets amounted to €136.7bn — up 10.4% year-on-year, while its loan book value stood at €84.72bn, up 4.9%. The group recorded a pre-tax profit of €410m in the first three months of this year — up 8% compared to the same period in 2025, while net profit stood at €291m, up 7.6%.

Customer funds under management rose by 7.3% to reach €154m. Net interest income rose by 5.5% compared with the first quarter of last year, reaching €570.6m and standing above the levels recorded over the previous five quarters.

Gross operating income, which encompasses all revenue streams, stood at €779m, up 6.5%, “driven by a strong performance in fee and commission income, largely from transactional services and advisory and asset management activities”.

Fee and commission income amounted to €257m, up 9.9%, with asset management and brokerage services contributing a substantial €146m, up 18.1% driven by higher activity in these businesses.

In Ireland, Bankinter, which operates Avant Money, said it managed a loan book of €5bn, up 23% from the end of March last year with a “very low” non-performing loan rate of 0.3%.

Within this portfolio, €4bn relates to mortgages, which have grown by 27%, while the remainder comprises consumer lending, which has seen growth of 8%.

In the quarter, its Irish division made a profit of €12m, up 12% from the same period last year, recording a net interest income of €33m.

According to the Davy Group, Bankinter’s results for its Irish operations were “solid”, with leading “strong”.

“Profitability remained resilient, supported by a healthy non-performing loan ratio… Mortgage lending remained the key component of the balance sheet, supported by strong new origination,” the firm said.

“The launch of a term deposit offering marked Bankinter’s entry into the Irish deposit market earlier this year. We expect further deposit product rollout as the franchise scales organically.” 

Bankinter kept its guidance for this year unchanged despite an uncertain outlook for lending income owing to the economic impact of the war in Iran.

Its finance chief Jacobo Diaz said the bank would consider changes to its guidance in its next results presentation, adding current profitability is expected to be sustained in the coming quarters.

Bankinter acquired Avant Money in 2019. Through Avant Money, Bankinter established its Irish banking branch in 2024, adding a significant boost to competition in the sector.

The bank also operates in Portugal.

Additional reporting Reuters