JPM raises Bankinter to 'overweight', seeing steady growth

BANKINTER

02/12/2025 09:12

** J.P. Morgan upgrades Bankinter BKT.MC to "overweight" from "underweight", expecting steady growth, capital discipline and superior returns in the Spanish bank

** Bankinter is well-placed for long-term value creation, JPM says, noting the lender's ownership structure ensures strong alignment with shareholders and supports disciplined execution

** It expects Bankinter's EPS to grow 10% by 2028 compared to 2024, with ROTE rising to about 19.0% over the period, with around 170 bps of capital added each year from 2026 to 2028 before dividends

** It also notes the strong commercial momentum with the expansion of assets under management, and sees room for further efficiency gains with further savings from recent restructurings

** JPM raises its PT for December 2027 by 34% to 17 euros

(Reporting by Tiago Brandao)

((Tiago.Brandao@thomsonreuters.com;))