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M·Bkt'06 Ing V2 CUBIERTAS DEF INGLES 4/5/07 11:34 Página 1 3,981 ideas 2006 365 days thinking about quality 3,981originators of ideas Business ReportBusiness 2006 Business Report Bankinter SA Paseo de la Castellana, 29 28046 Madrid T. +34 913 397 500 F. +34 913 398 323 Telex. 42760 BANKI E Swift: BKBK ES MM www.bankinter.com ANUAL 1-15-ING.qxd 4/5/07 08:14 Página 1 Business Report 2006 ANUAL 1-15-ING.qxd 4/5/07 08:14 Página 2 Profit before tax Net pre Millions of euros Millions of +19.2% Growth with profitability 265 316 2005 2006 ANUAL 1-15-ING.qxd 4/5/07 08:14 Página 3 Net present value* Millions of euros 2006 2,627 Growth in value 2005 2004 +19.8% 2,192 1,931 *Procedure for calculating the present value of a given number of future cash flows. ANUAL 1-15-ING.qxd 4/5/07 08:14 Página 4 Employees Bankint More Sh talent Now 3,981 A year ago 3,712 +7.3% ANUAL 1-15-ING.qxd 4/5/07 08:14 Página 5 Bankinter Shares Share price appreciation +27.2% Share return up by 29.9% 2006 59.6 2005 46.9 ANUAL 1-15-ING.qxd 4/5/07 08:14 Página 6 Bankinter 2006 Business Report Bankinter 200 Group financial highlights 6 Group financia Group financial highlights 2005 2006 06/05 (%) Balance Sheet (thousands of euros) Share da Total assets 40,786,010 46,075,769 12.97 EPS, Ear Loans and receivables 26,139,388 31,653,807 21.10 DPS, Div Loans and receivables PER, Pric ex-mortgage securitisation 29,408,537 34,416,012 17.03 Price/car Customer funds 27,476,959 32,683,580 18.95 EPS, Ear Off-balance sheet-managed funds 11,066,305 11,499,765 3.92 of which: mutual and pension funds 9,573,018 9,988,850 4.34 Branche Controlled customer funds 38,543,264 44,183,345 14.63 Number Number Earnings (thousands of euros) Corpo Profit before tax 265,445 316,336 19.17 SMEs Net profit 187,702 208,490 11.08 Privat Profit after tax plus allowances 341,369 404,049 18.36 Corporat Net profit plus allowances 237,052 265,503 12.00 Number Telephon Ratios (%) Non-performing loans/total risk exposure Workfor ex-securitisation 0.23 0.25 10.51 Number Recorded allowance non-performing loans 607.45 569.91 -6.18 Cost to income ratio 49.60 49.08 -1.05 ROE 14.93 14.94 0.10 ROA 0.51 0.48 -5.48 Capital ratio 10.25 10.03 -2.15 Tier 1 capital 7.32 6.86 -6.28 ANUAL 1-15-ING.qxd 4/5/07 08:14 Página 7 Bankinter 2006 Business Report Group financial highlights 7 /05 (%) 2005 2006 05/06 (%) Share data 12.97 EPS, Earnings per share (euros) 2.44 2.68 9.84 21.10 DPS, Dividend per share (euros) 1.20 1.30 8.33 PER, Price/Book value (times) 19.23 22.46 16.80 17.03 Price/carrying amounts (times) 2.65 3.05 15.14 18.95 EPS, Earning per share (euros)+ allowances 3.09 3.41 10.36 3.92 4.34 Branches and centres 14.63 Number of branches 318 332 4.40 Number of commercial management centres Corporate 45 50 11.11 19.17 SMEs 105 124 18.10 11.08 Private banking 37 41 10.81 18.36 Corporate Partnerships 498 527 5.82 12.00 Number of agents 1,007 1,003 -0.40 Telephone and internet branches 3 3 0 Workforce 10.51 Number of full-time equivalent employees 3,712 3,981 7.25 -6.18 -1.05 0.10 -5.48 -2.15 -6.28 ANUAL 1-15-ING.qxd 4/5/07 08:14 Página 8 Bankinter 200 Chairman's Le 2006 An excellent year, an a top quality in the secto growing: 3,981 employ 100 most innovative co world. ANUAL 1-15-ING.qxd 4/5/07 08:14 Página 9 Bankinter 2006 Business Report Chairman's Letter to the Shareholders 9 r, an accessible bank, e sector, our talent is employees, one of the ative companies in the Dear Shareholder: 2006 was an excellent year in ways that cannot be fully reflected by our figures, even though these are very positive indeed. On the corporate side, we continued with our efforts to improve our good corporate governance practices. In particular I would like to highlight the fact that we have set up a Corporate Governance Committee that completes the set of Board Committees and whose sole mission is to ensure that Bankinter's corporate governance is of the highest standard, not only in comparison with the recommendations in force in Spain but also with the most rigorous standards internationally. It gives me great satisfaction, as I commented last year, to observe that Bankinter complies with virtually all of the recommendations contained in the new Unified Code of Corporate Governance published by the Commission sponsored by the CNMV in 2006, and as a result of this we have received awards in a number of forums. The transparency of the Bank's information was also recognised once again by the market: consultants PricewaterhouseCoopers included Bankinter in the group of companies from all over the world who provide their shareholders and investors with the best information. Their report, entitled 'Trends in Corporate Reporting 2006', includes only 5 Spanish companies, and Bankinter is the only one that has appeared in all 7 previous editions of the survey. ANUAL 1-15-ING.qxd 4/5/07 08:14 Página 10 Bankinter 2006 Business Report Bankinter 200 Chairman's Letter to the Shareholders 10 Chairman's Le 'a bank for everyone' With regard to Corporate Social Action, we continued to make progress with the 3.981 Ba initiatives launched to facilitate access to financial services for handicapped people, the purpose of which is to build 'a bank for everyone'. We were awarded the Spanish 'Business and Society Prize 2006' in the category of 'Best Social Action based on Products and Services'. As a result of our efforts, as in the previous year, Bankinter featured once more in the exclusive FOOTSIE4Good index, setting the standard for others in the field of Social Responsibility. Net profit From the financial standpoint, the Bankinter Group's annual earnings maintained the +11.1% growth shown quarter by quarter throughout 2006, with a net profit of EUR 208.5 million, which was 11.1% more than in 2005. Excluding the extraordinary impact of the reform of income tax, the profit would have been EUR 222.6 million, an increase of 18.6% on 2005. The tax reform, which consists of a reduction of income tax to 32.5% in 2007 and 30% in 2008, required a downward accounting adjustment in December. This purely accounting effect, of an industry-wide nature, will be offset by lower taxation in future years and, therefore, by higher profits after tax in the coming years. I think we can be satisfied with this profit figure because it was achieved after continuing to invest heavily in the development of the SME business in which Bankinter wishes to be one of the leading banks, and this involved a considerable increase in operating costs as a result of having to recruit new personnel to staff the new business centres that we have launched. Apart from that, once again we devoted a very substantial sum - more than EUR 80 million - to recording general allowances, which clearly reflects the huge effort for Bankinter that the current regulations involve. As long as the non-performing loans for which they were recorded do not arise, these provisions are in fact retained earnings that reinforce the Bank's solvency and stability. All of these figures should prove very useful when comparing our performance with that of the sector and making an appropriate assessment of the Bank. During the year we made a big effort in opening new commercial distribution centres: we opened 19 centres specialising in SMEs, 14 non-specialised branches, 4 Private Banking management centres, 5 centres specialising in Corporate Banking, 29 Virtual Branches, and we ended the year with 1,003 Agents. ANUAL 1-15-ING.qxd 4/5/07 08:14 Página 11 Bankinter 2006 Business Report Chairman's Letter to the Shareholders 11 e 3.981 Bankinter staff The growth of all these centres required a very significant increase in the number of ople, the people working at the Bank, who now total 3,981, with an increase in the year of 269 h individuals, entailing a huge effort to select, recruit and train these people to n Products integrate them into our corporate culture. Bankinter's aggregate rate of job creation in the past five years is more than 34%, one of the highest in the sector. e in the The result of this commercial effort was a gain of 172,000 customers, which was 23% ocial more than in 2005; more than 1,110 million transactions were performed, 53.7% of them over the Internet, which is one of the highest figures not only in Spain; and we grew our balance sheet and its main captions at a significant rate despite having been ned the more prudent in granting mortgage loans. 8.5 act of the Línea Directa continued to grow in the car and motorcycle insurance market, and our se of partnership with Capital One to develop the credit card business also obtained very favourable results giving us well-founded hopes for the future.
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