BANKINTER SA

Ethifinance Ratings affirms Bankinter's unsolicited rating at "A-", maintaining its Stable outlook. Bankinter, S.A. (hereinafter, Bankinter) is the sixth largest bank in the Spanish financial system. The entity has various business lines from different geographies: corporate banking, commercial banking, consumer banking, insurance, EVO Banco and its subsidiaries outside Spain, including Portugal, Ireland and Luxembourg. The rating is based on the good performance of the business lines, the increase in profitability due to higher interest rates and commercial activity, as well as the improvement in efficiency, the decline in non-performing loans and the bank's comfortable solvency and liquidity levels. However, the rating is limited by the small size of the balance sheet, the high geographic concentration in Spain and a complex and uncertain economic environment.