Unicaja tripled its profit in the first quarter, to 111 million euros

Unicaja made a net profit of 111 million euros in the first quarter of the year, three times more than in the same period in 2023, thanks to higher lending income and lower provisions, and after the temporary tax on banks was fully calculated. in the amount of 78.6 million rubles.

Excluding this impact, profit would have been 189 million euros, an increase of 93.2% compared to the first quarter of the previous year on a like-for-like basis, the company said.

The performance of the country’s sixth-largest bank by market value was supported by higher ordinary earnings, with annual interest margin growth (a measure of earnings on loans minus deposit costs) of 32 0.3% to €390 million, and a fall in reserve requirements by 39 .5% compared to last year and other results.

Gross profit rose 23.9% to 462 million, and operating margin (before provisions) reached 237 million, up 48%.

The group’s default rate has dropped slightly over the past year to 2.98%.

The balance of unconditional loan investments in March reached 47.528 million, with a decrease of 1% for individuals with a balance of 32.706 million. “This decrease is occurring at a slower pace than in previous quarters,” the company says. In the first three months of the year, 1.757 million new loans and credits were issued. Of these, 520 million were in individual mortgages.

As for the volume of non-performing assets (NPAs), it maintains a downward trajectory. With a drop of 28% compared to the same period last year, this is due to a decrease in the stock of seized property (32.9%). and doubtful assets (23.5%). The level of coverage of non-productive assets reaches 69.7%, doubtful assets – 66.1%. And the share of seized assets was 73.9%.

The bank, which is now led by José Sevilla, former CEO of Bankia, and Isidro Rubiales as CEO, also emphasizes that it maintains high levels of liquidity and solvency. With capital of the highest quality, CET 1 is fully loaded14.5%.