Assets under management of Bankinter’s off-balance-sheet funds (investment funds, pension funds and Sicavs) reached €23.5bn by the end of December 2016, which represents a 12.1% increase over the same time a year ago.
Mutual funds of the Spanish bank accounted for €16.4bn in 2016, which is 20.6% up year-on-year; while managed assets through Sicavs went down by 7.5% to €4.9bn.
Within mutual funds, third party funds reached €8.8bn, up by 42% from the previous year, as equity funds made up €1.7bn, which represents a 23% increase over 2015.
On the other hand, AUM of money market and short term fixed income funds decreased by 15% to €3bn. Long term fixed income funds also went down by 3% to €1.1bn.
Bankinter’s group closed out 2016 with record-breaking profits, reaffirming its position as the most profitable financial institution among listed Spanish banks.
At the end of the fiscal year, net profit of the sixth largest Spanish bank by market value, stood at €490m, with a pre-tax profit of €676.7m, a 30.4% and 30.1% year-on-year increase, respectively.
These results are based on Bankinter’s recurrent customer business and include figures from Bankinter’s business in Portugal, which was acquired from Barclays on 1 April 2016. This transaction aside, Bankinter’s net profit amounts to €426.5m, 13.4% more than in 2015, with a pre-tax profit of €588.8m, a 13.2 % increase.