Renta 4 Banco S.A. (R4) Q4 2023 earnings summary

Executive summary

• FY2023 net profit reached €26.6m, up 21.9% YoY; Q4 net profit was €7.0m, up 11.2% YoY.

• Client assets rose 17.0% YoY to €30.852bn, with €2.511bn of net new assets in the proprietary network.

Financial highlights

• FY gross margin increased 18.1% to €126.8m; operating profit rose 23.8% to €36.4m.

• FY net interest income surged 155.0% to €23.2m; net commissions declined 1.8% to €96.5m.

• FY operating costs increased 13.9% to €94.3m; consolidated net profit was €26.563m and EPS was €0.64, up 21.3% YoY.

• Q4 gross margin rose 18.7% to €35.3m, while operating costs increased 22.1% to €26.2m and operating profit grew 4.8% to €9.7m.

• Q4 net interest income fell 18.6% to €5.5m; net commissions increased 25.1% to €26.6m YoY.

Outlook and guidance

• 2024 objective: continue profitable growth while maintaining high ROE and solvency, supporting satisfactory shareholder remuneration.

• Positive outlook rests on continued customer and asset growth, supported by service quality and specialist positioning.