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Bankinter books 992 mln euro net profit in Q2 on insurance unit spin-off

Credit: REUTERS/Andrea Comas

Spain's Bankinter said on Thursday it booked a net profit of 992 million euros ($1.17 billion) in the second quarter thanks to capital gains from the spin-off and direct market listing of its insurance unit LDA.

Adds details on capital gains and lending book

MADRID, July 22 (Reuters) - Spain's Bankinter BKT.MC said on Thursday it booked a net profit of 992 million euros ($1.17 billion) in the second quarter thanks to capital gains from the spin-off and direct market listing of its insurance unit LDA LDA.MC.

Analysts polled by Reuters expected a 997 million euros net profit taking into account the extraordinary contribution from LDA.

In the same quarter last year, Bankinter had reported a loss of 21.2 million euros following 177 million euros in COVID-19 related provisions.

With the listing of 82.6% of its insurance unit Linea Directa Aseguradora in April, Bankinter booked a capital gain of 895.7 million euros.

The lender also managed to improve its financial margins thanks to a growth in the bank's overall loan book in the first half of the year.

($1 = 0.8480 euros)

(Reporting by Jesús Aguado; editing by Inti Landauro)

((jesus.aguado@thomsonreuters.com; +34 91 585 8339; Reuters Messaging: Reuters Messaging: jesus.aguado.reuters.com@reuters.net))

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