Unicaja Bank presented its results for the first three quarters of the year it reached this Thursday. 260 million euro net profit, up 67.1% Compared to the same period of the previous year. The group’s result in the first nine months of 2022, increase in normal incomewith an annual growth of 11% in net commissions. 8.5% reduction in administrative expenses (this is due to synergy from restructuring plans) and lower loan requirements (down 39.9% year-on-year).
this gross margin YoY increased by 3.3% and operating margin before provisions increased by 20.5%.
balance make a loan investment (undoubtedly) from individuals increasing 2% year over year, 34,393 million euros, mortgage-guaranteed financing increased by 1.9% to 31,574 million. Total live loan investment increased by 0.5% to 53,343 million. In the first nine months of the year, 7,766 million new loans and credits3.225 million were for private mortgages (41% of the total).
Bank of Malaga, on the “positive” evolution of results, a “low cost of risk”, thanks to the portfolio’s profile and high coverage, as well as the maintenance of “solid levels” of solvency. The volume of non-performing assets (NPA) continued to be on the “continuing downtrend”, down 8.3% year-on-year due to the decline in the stock of foreclosed assets posting gross outflows. reached 393 million Euros, with an annual change of -18.8%.
“The reduction in NPAs occurred while maintaining high levels of coverage at the same time and traditional common sense policy followed by Unicaja Banco”, announced the establishment in the concluding note submitted to the National Securities Market Commission (CNMV).
rate coverage of non-performing assets reached 64.1%; The share of doubtful assets was 64.7% and the share of foreclosed assets was 63.4%. The default rate held steady at 3.5% and the cost of risk remained at 29 basis points, compared to 41 in September 2021.
Unicaja Banco thus provides a high level of solvency (maximum quality capital, CET 1 fully loaded, stuck at 13.0%), with a capital surplus above regulatory requirements of €1,635 million.
Balance
The financial institution, in the macroeconomic context, “is not very suitable for savings, high levels of uncertainty and inflationand high volatility in financial markets”, managed resources reached €101,106 million, after falling 3.6% compared to the same period last year. Demand deposits increased by 1.2% to 57,652 million. 89% of managed resources are retail customer resources.
Among off-balance sheet resources, savings insurance increased by 2.3% in the third quarter to reach 4,270 million Euros, up 97 million. Accumulated assets related to mutual funds reached 11,205 million.
Financing activity is mainly driven by the (doubted) increase in loans to individuals (2% per year). in the mortgage segment (1.9% per annum) and in the consumer segment (3.3% per annum)and credit to public administrations (1.2% per annum). Total productive loan investment (no doubt) increased by 0.5% year on year to 53,343 million euros.
this average 7.4% market share in new mortgage formalities In the last twelve months, Unicaja Banco has practically doubled its natural share in the Spanish banking sector. In the business segment, the outstanding balance of the portfolio fell 3.5% year-on-year to 12,966 million, largely driven by growth in financing in 2021 with lines guaranteed by the ICO. .
Unicaja also performing loan portfolio remained “highly diversified”: 59.2% corresponds to individual mortgage financing, 24.3% to companies, 11.2% to public administrations and 5.3% to consumption and other purposes.
income statement
Net profit in the first nine months of 2022 was 260 million euros, 67.1% higher than the same period of the previous year. this net interest income reached 765 million euros. In the third quarter, there was an increase of 12 million compared to the third quarter of 2021, Supported by increased financial income due to rise in interest rates According to Unicaja Banco, “it will be more clearly reflected in the fourth quarter of the year”.
On an annual basis, The interest margin was 3.6% below the figure recorded twelve months ago.He attributed mainly to a lower contribution from the wholesale business, although the bank pointed out that it reflects “a rebound and an improvement trend” compared to the 7.6% decline recorded in the first half of this year. The trade margin remains at 1.4%.
Net wage income recorded “solid increase” increased by 11% year-on-year to reach 394 million. activities and payment instruments in mutual funds, more. Gross margin reached 1.244 million, up 3.3% year on year. The retail business’s interest margin and commissions represent 78% of the gross margin.
Improvement in the income statement cost reducingreflecting the realization synergies from the implementation of restructuring plans (72% of planned staff exits and 100% of planned office closures have already occurred at ERE approved in December 2021). Administrative expenses fell 8.5% year on year to 586 million.
In this way, operating margin (before provisions) increased 20.5% year on yearstands at 590 million. Loan provisions were reduced by 39.9% year-on-year to 129 million, so cost of risk was 29 basis points compared to 41 in the same period of 2021. The result of operating activity was 378 million, 79.9. % more than the previous year.
this Consolidated profit before tax was 357 millionThe net amount reached 260 million with a growth of 74.7% and 67.1%, respectively. All this made it possible to place it. profitability (ROTE) up to 5.5% at the end of the quarter compared to 3.4% last year.