Unicaja Banco earned 165 million in the first half

The group Unicaja Bank recorded a net profit of 165 million euros in the first half of this yearwhich represents an increase of 62% compared to the same period of the previous year, as reported by the entity on Wednesday.

The group explained that this result was supported by the recovery of the interest margin in the last quarter, with a quarterly increase of 13.8%, in Consolidation of net commission contribution12.8% more year-on-year, in the reduction of 9% year-on-year in administrative expenses, to 390 million, after materializing the first synergies from the restructuring plans, and in the reduction of 43, 6% over the year -over one year of credit restructuring needs, up to 89 million.

The entity pointed out that the reduction in costs already reflects the realization of the first synergies arising from the application of the restructuring plans. In concrete terms, 56% of planned staff departures have already materialized.

Similarly, the banking activity margin (interest margin plus commissions less administrative expenses) increased by 7.9% year on year, reaching 375.2 million, while the gross margin increased by 0.8%. , at 825 million euros, and the operating margin before provisions, 14.5%, amounting to 389 million.

For its part, net commissions recorded a “solid” increase12.8% year-on-year to 264 million.

The entity also underlined that the growth of the results of the purely banking activity responds to the maintenance of the dynamics of the commercial activity.

A) Yes, in the first half, more than 5,300 million new loans and credits were grantedwhile the balance of the investment loan perform mortgage-backed retail grew 1.8% year-on-year to 31,528 million.

Similarly, managed resources increased by 2.1% compared to the previous quarter, by 0.9% for those of a commercial nature.

For their part, the demand deposits followed the trend of recent quarters, rising 2.6% year-on-year to 58,105 million, while term savings continued to fall to 5,543 million.

Despite the unfavorable economic and financial context for savings, marked by high levels of uncertainty and inflation, and high volatility in the financial markets, so far this year the entity made net subscriptions to investment funds for an amount of 379 millionreaching 11,759 million in assets, representing year-on-year growth of 2.7%.

Likewise, Unicaja Banco pointed out that the positive evolution of the results was accompanied by the consolidation of the improvement in the quality of the assets and the maintenance of “solid” solvency levels.

The crime rate remains at 3.5%

The default rate remains 3.5% below the sector average, close to 4%.

The the volume of non-performing assets (NPA) decreased year-on-year by EUR 222 million5.4%, due to the good performance of sales, with gross outflows of seized goods amounting to 315 million.

In line with the traditional policy of prudence and in the face of a possible deterioration in environmental conditions, according to the entity, high levels of coverage are maintained.

So heThe coverage rate of non-performing assets reaches 64%ranking among the highest of Spanish banks, while the coverage of distressed assets stood at 65%, above the sector average.

Unicaja Banco ensured to maintain “high” levels of solvency (maximum quality capital, CET 1 fully loadedstands at 12.8%), with excess capital over regulatory requirements of 1,583 million.

The technological and operational integration of free bank at Unicaja Banco, it was completed at the end of May, according to schedule and in less than a year, achieving full integration from a technological, commercial and operational point of view.

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