Unicaja Banco recorded a net profit 285 million euros In the first nine months of the year 4.9% growth Compared to the same period of the previous year. Profit before tax increased by 11.2% to 413 million as of September. The Malaga financial institution also emphasized this Monday that if it were not for the impact of the banking tax in the amount of 63.8 million, which was fully calculated in the first quarter, the net profit would have been 349 million, an increase of 28.4% compared to September 2022.
In particular, the net profit obtained in specific data for the third quarter, increased to 137 million with a quarterly growth of 20.4%approximately the second quarter of this year.
The group’s result was supported by an increase in ordinary income, a 25.4% year-on-year increase in interest margin and a 1.6% increase in net commissions, a decrease in personnel expenses (from 4.9%) and a decrease in personnel expenses. There was a 12.8% decrease in lower loan losses.
“These results are accompanied by an improvement in balance sheet quality and the maintenance of a stable balance solid solvency and liquidity position“said Unicaja Banco, chaired by Manuel Azuaga and whose CEO is Isidro Rubiales.
All margins increased year-on-year. Net interest income increased by 25.4%, supported by the retail sector. Without yet taking into account the full increase in Euribor, the customer margin increased by 121 basis points on an annual basis to 2.61%, with the “controlled” financial cost. Gross profit margin increased by 5.9%, operating profit margin before provisions increased by 14.4% and The result of exploitation activity increased by 25.4%.
Excluding the impact of the banking tax, the efficiency rate increased by six points in one year to 45.9%.
Credit investment and customer resources
The balance of the loan investment realized (undoubtedly) amounted to 49,533 million euros in the context of “.contraction in financing demandincrease in early repayments of variable interest loans and intensification of maturities of loans guaranteed by ICO”.
“In this scenario, the balance of mortgage financing for individuals fell by 1.4% in the quarter to 30,641 million, but consumer financing increased by 2.1% on an annual basis. In the first nine months of the year, 5,179 million euros were granted in the form of new loans and loans, of which 1,866 million were individual mortgages , maintained its market share in mortgage formalizations at 7.4% of the national total, above Unicaja Banco’s natural share.”
For its part, the resources obtained from retail customers totaled €87,536 million. According to Unicaja Banco, its customer deposit base is “high granularity and stability“, the weight of individuals is high, 75% of the total.
Term deposits increased by 64.9% on an annual basis and 9.5% in the quarter. Off-balance sheet and insurance resources increased by 3.2% compared to the same period last year, reaching 20 billion 759 million; There was an increase of 9.7% in savings insurance. 0.2% in mutual funds, 0.7% in pension funds. The total resources managed amounted to 98,411 million Euros.
Reducing non-productive assets
The volume of non-performing assets (NPAs) accelerated the decline. 13.1% annual decreasedue to the fact that the stock of seized assets decreased by 15.3% and the stock of doubtful assets decreased by 11%.
“The decline in NPAs was accompanied by strengthening high coverage“It gives continuity to the traditionally prudent policy followed by Unicaja Banco,” he notes.
The coverage rate for non-productive assets increased by 2.1 points compared to the same period last year, reaching 66.2%; The rate of doubtful assets increased by one point to 65.8%, and the share of seized assets increased by 3.2 points to 66.6%. The default rate was reduced by 23 basis points to 3.39%. The cost of risk remained limited at 30 basis points.
Similarly, Unicaja Banco emphasizes: “high and solid” solvency levels. Fully loaded CET 1, the highest quality capital, stood at 14.2%, up 1.2 points from September 2022. The organization easily exceeds the required solvency levels by 6.2 points in stage CET 1 (14.5%). Liquidity levels remain high, with the LCR rate at 259% and the NSFR rate at 147%.
Digital business and commercial performance
The implementation of the Digital Plan foreseen in the 2022-2024 Strategic Plan continued in the third quarter of 2023. The measures implemented contribute to the growth of digitally active customers. Among other studies carried out, the development of a Remote Sales platform customized according to product groups stands out.
At the end of the third quarter, 64% of customers are digital. 31% of new customers were acquired through the digital channel. The contribution of digital channels to new consumer loan contracts currently represents 49.4% of the total; 20.5% for accounts and 26% for mutual funds/authorized portfolio management subscriptions.
In addition, it launched a new, free service. 150 digitization managers available to usersIt is distributed to main offices in different areas of activity for the purpose of support and training in the use of digital banking and ATMs.