2023-12-05 12:59:39
Bankinter does not believe that the European Central Bank (ECB) will lower official interest rates before the summer of 2024 and it pushes this possibility away even until the end of the year, as commented by the entity’s financial director, Jacobo Díaz, in the 1st Banking Forum organized by Prensa Ibérica.
“We do not think that there will be a drop in interest rates before the summer of next year and possibly it could even occur at the end of the year,” he specifically stated, after defending that The current rate situation is “normal” and not “high.
He has recognized that “What is relevant” has been the sharp rise in rates that the central bank has carried out, going from ‘zero’ or negative rates before July 2022 to around 4% in practically one year, and also that “no one has a crystal ball.”
“I believe that now we are at a stage where Interest rates will move, but in a more reasonable way. We have already passed the first blow of rate increases, we have already passed the first major revaluation of mortgages, and now we are going to wait for that interest rate to moderate,” he stated.
Regarding the evolution of Bankinter and growth opportunities, Jacobo Díaz has indicated that the entity has “three mantras” which is to “grow more than the market”; have a profitability “above the cost of capital”, where he has indicated that this year Bankinter will close with an ROE above 14%; and that income “always has to grow more than expenses.”
Thus, he has indicated that he sees growth in the consumer segment, companies and also in the business of internationalization of companies, as well as in other geographies, where he has indicated the opportunities presented by the bank’s business in Portugal.
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