Bankinter S.A. — Interim / Quarterly Report 2012

Mar 31, 2012

FINANCIAL HIGHLIGHTS

			variation
Thousand Euros	31/03/2012	31/03/2011	amount	%
Balance sheet
Total assets	60.622.192	54.408.054	6.214.138	11,42
Average Total Assets	60.191.042	54.398.758	5.792.284	10,65
Credit facilities and loans	41.974.070	41.087.245	886.825	2,16
Credit facilities and loans excluding securitization effects	43.185.225	42.521.041	664.184	1,56
Customer funds	37.552.398	41.079.441 -3.527.043		-8,59
Off-balance sheet managed funds	6.853.511	7.093.102	-239.591	-3,38
Mutual and pension funds	4.988.246	5.309.998	-321.752	-6,06
Results
Net interest income	164.634	115.023	49.611	43,13
Gross operating income	312.176	255.605	56.571	22,13
PBT of ordinary activities	63.250	64.665	-1.415	-2,19
Income before taxes	63.475	63.250	225	0,36
Net attributable income	49.447	48.567	880	1,81
Ratios
Nonperforming loans/total risk exposure	3,67%	2,97%	0,70%	23,53
Recorded allowance/nonperforming loans	48,06%	64,51%	-16,45%	-25,50
Cost to income	47,41%	59,22%	-11,81%	-19,94
ROE	6,31%	7,17%	-0,86%	-11,99
ROA	0,33%	0,36%	-0,03%	-9,00
Capital Ratio	11,91%	9,83%	2,08%	21,14
Tier I	9,61%	7,54%	2,07%	27,42
Bankinter share
Number of shares	476.919.014	473.447.732	3.471.282	0,73
Closing share price	3,93	4,84	-0,91	-18,74
EPS	0,10	0,10	0,00	0,00
DPS	0,04	0,00	0,04 n.r
Branches and bussines units
Branches and business units	366	367	-1	-0,27
Other business units
Corporate banking	45	47	-2	-4,26
SMEs	76	88	-12	-13,64
Private Banking	58	61	-3	-4,92
Number of virtual branches	358	365	-7	-1,92
Number of agents	521	546	-25	-4,58
Telephone and internet branches	3	3	0	0,00
Employees
Employees Banking (full-time equivalent)	4.178	4.480	-302	-6,74
Employees Insurance business (full-time equivalent)	1.888	1.886	2	0,11

BALANCE SHEET - Under BoS´ new accounting rules (4/04)

Thousand Euros	31/03/2012	31/12/2011	Dif. €		% 31/03/2011	Dif. €	%
Cash on hand and on deposits at central banks	397.881	412.795	-14.914	-3,61%	414.159	-16.278	104,09%
Trading portfolio	2.051.631	2.415.506	-363.875	-15,06%	2.419.397	-367.766	-15,20%
Other financial assets at fair value with changes to P&L account	28.105	31.377	-3.272	-10,43%	28.772	-667	-2,32%
Available for sale portfolio	6.327.501	4.776.069	1.551.431	32,48%	3.138.051	3.189.450	101,64%
Loans	46.446.661	47.167.367	-720.706		-1,53% 43.636.958	2.809.703	6,44%
Due from banks	1.729.883	1.779.395	-49.512	-2,78%	1.326.242	403.641	30,43%
Counterpart entities	2.742.708	2.782.673	-39.964	-1,44%	1.223.471	1.519.237	124,17%
Customer loans	41.974.070	42.605.299	-631.229		-1,48% 41.087.245	886.825	2,16%
Investment portfolio held to maturity	3.798.531	3.150.931	647.600	20,55%	3.236.274	562.257	17,37%
Hedge derivatives and macro-derivatives	129.139	130.114	-975	-0,75%	86.576	42.563	49,16%
Other assets available for sale	309.621	308.514	1.107	0,36%	294.887	14.734	5,00%
Associates	33.030	28.341	4.689	16,54%	32.902	128	0,39%
Reinsurance assets	9.153	9.068	85	0,94%	10.355	-1.202	-11,61%
Material and intangible assets	793.129	804.940	-11.811	-1,47%	807.585	-14.456	-1,79%
Fiscal assets and others	297.811	256.403	41.408	16,15%	302.138	-4.327	-1,43%
Total Assets	60.622.192	59.491.426	1.130.766		1,90% 54.408.054	6.214.138	11,42%
Trading portfolio	1.947.961	2.360.584	-412.623	-17,48%	1.780.647	167.314	9,40%
Other financial liabilities at fair value with changes to P&L account	0	0	0 --		0	0 --
Financial liabilities at amortized costs	54.400.658	52.929.286	1.471.372		2,78% 48.853.433	5.547.226	11,35%
Due to banks	12.403.483	10.267.544	2.135.940	20,80%	5.073.015	7.330.469	144,50%
Counterpart entities	2.811.365	3.093.798	-282.434	-9,13%	1.013.992	1.797.373	177,26%
Customer deposits	22.034.914	22.411.519	-376.605		-1,68% 22.904.490	-869.577	-3,80%
Marketable debt securities	15.517.484	15.540.242	-22.757		-0,15% 18.174.951 -2.657.466		-14,62%
Subordinated debt	968.045	958.170	9.874	1,03%	1.103.408	-135.364	-12,27%
Other financial assets	665.368	658.012	7.356	1,12%	583.577	81.791	14,02%
Hedge derivatives and macro-derivatives	93.842	68.677	25.165	36,64%	34.951	58.891	168,50%
Insurance laibilities	624.617	642.782	-18.165	-2,83%	638.236	-13.619	-2,13%
Write-offs and provisions	66.337	64.122	2.214	3,45%	66.910	-573	-0,86%
Tax liabilities and others	350.618	338.980	11.638	3,43%	397.979	-47.361	-11,90%
Total Liabilities	57.484.033	56.404.430	1.079.602		1,91% 51.772.156	5.711.876	11,03%
Valuation adjustments	-4.887	-31.645	26.759	-84,56%	-16.744	11.857	-70,82%
Equity	3.143.045	3.118.641	24.404	0,78%	2.652.641	490.404	18,49%
Total equity	3.138.159	3.086.996	51.162	1,66%	2.635.898	502.261	19,05%
Total equity and liabilities	60.622.192	59.491.426	1.130.767		1,90% 54.408.054	6.214.137	11,42%

YIELDS AND COSTS

YEARLY
		as of 31 of March
	2012		2011
[%]	weighting	rate	weighting	rate
Cash on hand and on deposit at central bank	1,39%	0,39%	0,95%	0,81%
Due from banks	6,45%	1,14%	3,84%	0,80%
Credit facilities and loans (a)	70,10%	3,24%	75,43%	2,66%
Securities	16,48%	3,91%	13,98%	3,33%
Equity portfolio	0,54%	1,83%	0,71%	4,52%
Average earnings assets (b)	94,98%	3,16%	94,93%	2,71%
Other assets	5,02%	0,00%	5,07%	0,00%
Average total assets	100,00%	3,01%	100,00%	2,57%
Due to central banks	12,80%	1,06%	4,99%	1,04%
Due to banks Customer funds (c)	14,61% 63,11%	1,97% 2,32%	8,65% 75,02%	2,09% 2,01%
Customer deposits	36,20%	2,00%	43,16%	1,79%
Marketable debt securities	26,90%	2,76%	31,86%	2,31%
Subordinated liabilities	1,60%	4,47%	2,05%	4,39%
Average interest bearing funds (d)	92,13%	2,06%	90,72%	1,86%
Other liabilities	7,87%	0,00%	9,28%	0,00%
Average total funds	100,00%	1,90%	100,00%	1,68%
Customer spread (a-c)		0,92%		0,64%
Net interest margin (b-d)		1,10%		0,86%

QUARTERLY

	1Q12		4Q11		3Q11		2Q11		1Q11
[%]	weighting		rate weighting		rate weighting		rate weighting		rate weighting	rate
Cash on hand and on deposit at central bank	1,39%	0,39%	1,12%	1,01%	1,17%	1,14%	1,12% 0,85%		0,95% 0,81%
Due from banks	6,45%	1,14%	8,14%	1,04%	6,34%	0,94%	4,54% 0,83%		3,84% 0,80%
Credit facilities and loans (a)	70,10%	3,24%	69,78%	3,24%	70,01%	3,59%	73,43% 2,87%		75,43% 2,66%
Securities	16,48%	3,91%	15,10%	3,80%	17,14%	3,60%	15,23% 3,58%		13,98% 3,33%
Equity portfolio	0,54%	1,83%	0,64%	2,31%	0,61%	0,66%	0,74% 9,10%		0,71% 4,52%
Average earnings assets (b)	94,98%	3,16%	94,79%	3,26%	95,27%	3,18%	95,08% 3,04%		94,93% 2,71%
Other assets	5,02%	0,00%	5,22%	0,00%	4,73%	0,00%	4,92% 0,00%		5,07% 0,00%
Average total assets	100,00%	3,01%	100,00%	3,09%	100,00%	3,03%	100,00% 2,89%		100,00% 2,57%
Due to central banks	12,80%	1,06%	6,09%	1,32%	5,47%	1,44%	3,94% 1,28%		4,99% 1,04%
Due to banks	14,61%	1,97%	18,35%	2,47%	15,14%	2,96%	10,69% 2,19%		8,65% 2,09%
Customer funds (c)	63,11%	2,32%	64,50%	2,41%	68,18%	2,36%	74,25% 2,14%		75,02% 2,01%
Customer deposits	36,20%	2,00%	39,51%	2,16%	41,95%	2,15%	44,18% 1,86%		43,16% 1,79%
Marketable debt securities	26,90%	2,76%	24,99%	2,80%	26,23%	2,71%	30,08% 2,54%		31,86% 2,31%
Subordinated liabilities	1,60%	4,47%	1,52%	5,01%	1,47%	5,09%	1,77% 4,69%		2,05% 4,39%
Average interest bearing funds (d)	92,13%	2,06%	90,46%	2,29%	90,26%	2,28%	90,67% 2,03%		90,72% 1,86%
Other liabilities	7,87%	0,00%	9,54%	0,00%	9,74%	0,00%	9,33% 0,00%		9,28% 0,00%
Average total funds	100,00%	1,90%	100,00%	2,07%	100,00%	2,06%	100,00% 1,84%		100,00% 1,68%
Customer spread (a-c)		0,92%		0,83%		0,78%		0,74%		0,64%
Net interest margin (b-d)		1,10%		0,97%		0,90%		1,01%		0,86%

CUSTOMER DEPOSITS

			variation
Thousand Euros	31/03/2012	31/03/2011	amount	%
Deposits	24.238.507	23.009.582	1.228.925	5,34
Government entities	275.085	1.211.936	-936.851	-77,30
Private sector	18.825.415	19.267.988	-442.574	-2,30
Sight accounts	8.950.073	9.390.473	-440.400	-4,69
Time deposits	9.739.311	9.709.494	29.817	0,31
Adjustments due to valuation	136.031	168.022	-31.991	-19,04
Commercial paper	4.183.544	1.077.355	3.106.189	288,32
Repos	954.464	1.452.303	-497.839	-34,28
Marketable debt securities	13.313.890	18.069.859 -4.755.968		-26,32
Total	37.552.398	41.079.441 -3.527.043		-8,59

OFF-BALANCE SHEET FUNDS
			Variation
Thousand Euros	31/03/2012	31/03/2011	amount	%
Mutual funds	3.677.860	4.035.615	-357.755	-8,86
Pension funds	1.310.386	1.274.383	36.003	2,83
Commercial paper	25.403	25.403	0	0,00
Treasury bonds to maturity	508.685	298.697	209.988	70,30
Wealth management	1.331.177	1.459.005	-127.828	-8,76
Total off-balance sheet funds	6.853.511	7.093.102	-239.591	-3,38

CREDIT AND LOANS
			Variation
Thousand Euros	31/03/2012	31/03/2011	amount	%
Government entities	624.102	252.711	371.391	146,96
Residents	39.557.488	39.506.390	51.098	0,13
Commercial bills	1.705.124	1.709.600	-4.477	-0,26
Secured loans	28.363.109	29.256.573	-893.463	-3,05
Leasing	876.367	983.443	-107.076	-10,89
Other credit facilities	8.612.888	7.556.774	1.056.115	13,98
Nonresident	930.266	888.888	41.378	4,66
Nonperforming loans	1.670.340	1.337.239	333.101	24,91
Subtotal	42.782.196	41.985.228	796.968	1,90
Loan loss allowances	791.248	847.581	-56.332	-6,65
Other adjustments due to valuation	-16.877	-50.402	33.524	-67
Total	41.974.070	41.087.245	886.825	2,16
Total credit and loans ex securitization	43.185.225	42.521.041	664.184	1,56
Securitized loans off balance sheet	1.211.155	1.433.796

CREDIT RISK ANALYSIS

			Variation
Thousand Euros	31/03/2012	31/03/2011	amount	%
Risk exposure ex securitization	46.119.062	45.491.933	627.129	1,38
Total nonperforming balance	1.691.667	1.350.772	340.895	25,24
Total allowances	813.040	871.421	-58.380	-6,70
Generic	16.375	157.975	-141.600	-89,63
Specific	796.665	713.445	83.220	11,66
% Nonperforming loans/ Total risk exposure(ex securitization)	3,67	2,97	0,70	23,53
% Nonperforming loans/ Total risk exposure	3,77	3,07	0,70	22,80
% Nonperforming mortgages/ Total mortagages( ex securitization)	3,99	2,54	1,46	57,47
% Recorded alowance/ Nonperforming loans	48,06	64,51	-16,45	-25,50
% Recorded alowance/ unsecured nonperforming loans	96,76	99,25	-2,49	-2,51

CREDIT RECOVERIES
Thousand Euros	31/03/2012	31/03/2011
Initial balance	1.515.766	1.329.980
Net entries	220.327	56.649
Write downs	44.426	35.857
Final balance	1.691.667	1.350.772

COMPARATIVE INCOME STATEMENTS
	as of 31 of March
	2012		2011
		%		%	Variation
Thousand Euros	Amount	o/ATAs	Amount	o/ATAs	amount	%
ATA	60.191.042		0,00 54.398.758	0,00	5.792.284	10,65
Interest and related income	449.556	3,00	340.766	2,54	108.790	31,93
Interest and related charges	-284.922	-1,90	-225.743	-1,68	-59.179	26,22
Net interest income	164.634	1,10	115.023	0,86	49.611	43,13
Dividend income	1.486	0,01	4.311	0,03	-2.825	-65,52
Equithy method	3.946	0,03	3.228	0,02	718	22,23
Net fees and commissions	48.679	0,33	50.299	0,37	-1.620	-3,22
Trading income	43.359	0,29	25.209	0,19	18.150	72,00
Other operating income/expenses	50.072	0,33	57.534	0,43	-7.462	-12,97
Gross operating income	312.176	2,09	255.605	1,91	56.571	22,13
Personnel expenses	-80.896	-0,54	-87.330	-0,65	6.434	-7,37
General expenses/amortization	-83.518	-0,56	-78.957	-0,59	-4.561	5,78
Pre Provision Profit	147.762	0,99	89.318	0,67	58.444	20,54
Provisions	-4.310	-0,03	-1.095	-0,01	-3.215	293,60
Asset losses	-80.202	-0,54	-23.558	-0,18	-56.644	240,44
PBT of ordinary activities	63.250	0,42	64.665	0,48	-1.415	-2,19
Gain/losses on disposals of assets	225	0,00	-1.415	-0,01	1.640	-115,91
Profit before taxes	63.475	0,42	63.250	0,47	225	0,36
Corporate income tax	-14.028	-0,09	-14.683	-0,11	655	-4,46
Net income	49.447	0,33	48.567	0,36	880	1,81

QUATERLY INCOME STATEMENT

		Variation %
Thousand Euros	1Q12	1Q12/1Q111 1Q12/4Q11		4Q11	3Q11	2Q11	1Q11
ATA	60.191.042					59.008.448 58.411.471 55.933.298 54.398.758
Interest and related income	449.556	31,93	-1,57	456.741	445.221	393.567	340.766
Interest and related charges	-284.922	26,22	-7,36	-307.568	-303.246	-257.064	-225.743
Net interest income	164.634	43,13	10,36	149.173	141.976	136.504	115.023
Dividend income	1.486	-65,52	-32,36	2.197	594	9.389	4.311
Equithy method	3.946	22,24	-8,06	4.291	3.882	3.273	3.228
Net fees and commissions	48.679	-3,22	-4,18	50.802	47.664	50.118	50.299
Trading income	43.359	72,00	54,46	28.071	27.905	16.654	25.209
Other operating income/expenses	50.072	-12,97	-15,49	59.249	59.753	57.380	57.534
Gross operating income	312.176	22,13	6,26	293.784	281.775	273.318	255.605
Personnel expenses	-80.896	-7,37	3,12	-78.447	-81.076	-83.111	-87.330
General expenses/amortization	-83.518	5,78	-2,49	-85.652	-73.645	-76.702	-78.957
Pre Provision Profit	147.762	65,43	13,94	129.685	127.053	113.504	89.318
Provisions	-4.310	293,60	1.248,87	-320	-5.393	-21.367	-1.095
Asset losses	-80.202	240,45	87,45	-42.786	-50.584	-41.302	-23.558

PBT of ordinary activities	63.250	-2,19	-26,95	86.579	71.077	50.835	64.665
Gain/losses on disposals of assets	225	-115,91	-100,53	-42.352	-5.929	16.688	-1.415
Profit before taxes	63.475	0,36	43,52	44.227	65.148	67.524	63.250
Corporate income tax	-14.028	-4,46	40,14	-10.010	-18.429	-15.800	-14.683
Net income	49.447	1,81	44,51	34.217	46.718	51.724	48.567

31/03/2012	31/03/2011	Amount	%
			19,27
			2,70
			45,79
			18,56
			13,01
			7,06
			30,04
			11,66
			-6,80
			15,96
			18,17
			-12,18
			2,71
			2,25
			422,83
			-13,59
			10,28
			0,58
			-1,69
			2,84
			2,92
			-19,54
			1,93
			-3,22
	7.224 6.296 4.975 18.495 6.748 1.679 3.569 13.773 1.419 2.783 7.553 338 1.679 10.692 732 5.131 4.829 21.512 10.645 962 9.906 9.200 67.174 48.679	6.057 6.130 3.412 15.600 5.971 1.568 2.745 12.335 1.523 2.400 6.392 385 1.635 10.457 140 5.938 4.379 21.388 10.828 935 9.624 11.435 65.899 50.299	Variation 1.167 166 1.562 2.895 777 111 824 1.438 -104 383 1.162 -47 44 235 592 -807 450 124 -183 27 281 -2.235 1.274 -1.620

CONTRIBUTION BY BUSINESS
			Variation
Thousand Euros	31/03/2012	31/03/2011	amount	%
Customers business divisions	229.743	200.714	29.029	14,46
Commercial banking	107.410	102.793	4.617	4,49
Corporate banking	122.334	97.921	24.412	24,93
Capital Markets	91.825	44.236	47.589	107,58
Línea Directa Aseguradora	77.395	65.876	11.519	17,49
Corporate Center	-86.787	-55.221	-31.566	57,16
Gross operating income	312.176	255.605	56.571	22,13

SHAREHOLDERS EQUITY
			Variation
Thousand Euros	31/03/2012	31/03/2011	amount	%
Paid-in capital and reserves	2.558.767	2.467.704	91.063	3,69%
Other capital instruments	168.165	343.165	-175.000	-51,00%
Capital with nature of financial liability	404.812	0	404.812	0,00%
Treasury stock	-2.376	-166	-2.209	1329,20%
Intangible assets	-300.414	-335.951	35.537	-10,58%
Other deductions	-115.423	-146.750	31.327	-21,35%
Tier I	2.713.531	2.328.001	385.530	16,56%
Revaluation reserve	96.220	99.340	-3.120	-3,14%
Subordinated debt financing	641.792	699.794	-58.002	-8,29%
General allowances	28.338	56.343	-28.005	-49,70%
Other deductions	-115.423	-146.750	31.327	-21,35%
Tier II	650.927	708.726	-57.799	-8,16%
Total Equity	3.364.458	3.036.727	327.731	10,79%
Risk-weighted assets	28.243.002	30.880.932 -2.637.930		-8,54%
Tier I (%)	9,61%	7,54%	2,07%	27,45%
Tier II (%)	2,30%	2,30%	0,01%	0,42%
Capital Ratio(%)	11,91%	9,83%	2,08%	21,14%
Excess	1.105.018	566.252	538.765	95,15%
Core	9,44%	6,90%	2,53%	36,72%

VARIATION IN NET WORTH
Thousand Euros Balance as at January 1st 2011	2.579.695
Dividends	-58.516
Unrestricted reserve-sale	-6.253
Income for the year	181.227
Other variations	390.843
Balance as at December 31st 2011	3.086.996
Dividends	-18.372
Unrestricted reserve-sale	25.904
Income for the year	49.447
Other variations	-5.817
Balance as at 31st March 2012	3.138.159

RATINGS
	Short term	Long term	Outlook
Moody´s	P1	A2	Negative
Standard & Poor´s	A2	BBB	Negative
SHAREHOLDERS VALUE
Period share data ( Euros )
EPS	0,10
DPS	0,04
Book value per share	5,57
Price at the begining of the year	4,75
Low	3,93
High	5,37
Last	3,93
Last Quarter performance (%)	-17,20
YoY performance (%)	-18,74
Stock Market ratios
Price/ Book value	0,71
P/E	9,45
Dividend yield (%)	4,85
Number of stockholders	68.732
Number of shares outstanding	476.919.014
Number of shares hold by nonresidents	184.625.956
Average number of shares traded daily	2.219.300
Average daily trading volumen (€ Thousand)	10.753
Market capitalization (thousand euros)	1.875.722