Bankinter sees quarterly profits on Irish operations rise to €41m

Bankinter has stepped up its commercial offering in Ireland 

Niall Corbett of Bankinter. Bankinter has reported quarterly profits of €41m for its Irish operations.

Bankinter has reported quarterly profits of €41m for its Irish operations, with business volumes in Ireland increasing by 26% year-on-year to €5.6bn.

Bankinter which owns Avant Money which has more than 200,000 customers in Ireland. In Ireland, gross operating income in Ireland grew by 19%, while the profit before tax of €41m was up 21% year-on-year. 

Lending volume grew by 23.4%, while the bank said it  expects its consumer banking products to gain momentum over the coming quarters in response to its new commercial propositions. Earlier this month, Bankinter introduced a new 3.30% AER fixed rate on its 12-month term deposit account.

 “This quarter has seen us continue to build on our solid financial performance that we delivered in the first two quarters, underpinned by sustained growth in mortgages and consumer finance," said Bankinter country manager Niall Corbett. "The response from the public to our range of deposit products has been encouraging and we look forward to an expanded offering of products and services in Ireland in the coming quarters.”

Globally, the Spanish-headquartered bank reported a net profit of €295m in the July-September period.  Bankinter is Spain's fifth largest bank. Total business volumes comprising lending, retail funds and assets under management, grew 7.1% year-on-year, it said.