Bankinter will not distribute dividends "at least until October". This was confirmed by María Dolores Dancausa, its CEO, in the presentation of the first quarter results. This decision of the Spanish bank is in line with the recommendation made by the ECB to banks in the euro area due to the Covid-19 crisis.
At the end of March, the ECB urged the eurozone banks not to pay any dividends to their shareholders until at least October 1, whether they are on account of 2019 or on account of 2020, "to enhance banks' ability to absorb losses and support loans to households, small businesses and companies during the Covid-19 coronavirus pandemic, ”explained Italian Andrea Enria, president of the Supervisory Board of the European monetary organization.
Bankinter's net profit has fallen by 10.1% in the first quarter, to 130.3 million euros, including the results of the insurer Línea Directa, after provisioning 107.3 million by the Covid-19. The non-performing loans ratio stands at 2.58%, seven basis points more than at the end of 2019.
In the particular case of Línea Directa, Dancausa continues to trust in the pre-established plan to bring the insurer to the stock market, even with the coronavirus crisis taking its toll on the financial sector. However, it recognizes that the terms of the stock market debut may be delayed precisely by the pandemic. "The Direct Line plan will not change at all, it is a good operation. On March 19, it was approved at the shareholders' meeting. The various relevant regulatory approvals are pending, which may take a little longer. But for our part, nothing has changed. "
According to the Variable remuneration assigned by the bank's senior management, including Dancausa itself, assumes that they will not be able to collect it this year. "We have not made the statement that we are not going to collect it, but we are not going to collect it, because the business objectives are not going to be met due to this unexpected situation," said the CEO in reference to the health crisis. and economic of the Covid-19.