Bankinter operates as Avant in Ireland and is expanding its business here. It recently did a soft-launch of deposit accounts and next year will offer current accounts to customers. It already provides consumer lending and mortgages.
Speaking as the group reported third-quarter results, Bankinter chief executive Gloria Ortiz said that the group’s appetite for acquisitions is “low”.
“With respect to inorganic growth, well, our appetite is very, very low,” she told analysts on a call.
“We are an organic grower. We have always grown organically in the different business and geographies where we have the capabilities and this is what we are doing in Ireland and this is what we will continue to do in the future,” Ms Ortiz said.
Bankinter chief financial officer Jacobo Diaz said that securing customer deposits will help to finance the group’s growth in Ireland.
“Regarding Ireland, definitely the first phase is through the launch of the term deposit that we’ve mentioned before,” he said.
“Our next ambition is going to be the launch of current accounts at the beginning of 2026,” he confirmed.
He added: “I think this is going to be the great moment of funding the growth that we are expecting in Ireland with deposits from locals in Ireland. So, we are targeting to fund whatever growth we have in the loan book in Ireland with the deposit book in Ireland as well.”
“So, this is the next step,” said Mr Diaz. “We are not considering for the time being to move into the wealth management business in Ireland. I think we have plenty of things to capture and to target before that business.”
Bankinter has substantially grown its business in Ireland since it launched in the market in 2018 via the acquisition of Avantcard.
It said that it now has €4.4bn of lending in Ireland, comprised of €3.4bn in mortgages and almost €1.1bn in consumer loans. The mortgage figure is up 23pc year-on-year, while the consumer loan book has grown 11pc.
Its net interest income in Ireland rose 16pc year-on-year to €85m in the first nine months of 2025. Its pre-tax profit in the market advanced 17pc to €34m.
Bankinter has trimmed its forecast slightly for financial margins in 2025 after third-quarter lending income remained under pressure, hit by lower interest rates.
Spanish banks are mainly retail lenders and have benefited from higher costs of loans tied mostly to variable rates. But reductions in European Central Bank interest rates are squeezing margins.
Mr Diaz told analysts that the bank expected “a slight slippage in our flattish NNI [net interest income] guidance in 2025” to be compensated by a stronger fee growth.
Spain’s fifth largest bank by market value is now forecasting a slight miss compared with its previously flattish guidance for financial margins in 2025.
The bank’s net profit rose 5pc to €270m in the third quarter, above the €267m expected by analysts. It was boosted by a 10pc increase in fees and a 5.8pc year-on-year rise in loans in a solid domestic environment.
Additional reporting: Reuters