Unicaja increases its profit by 5%, up to 285 million, due to the increase in income

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Unicaja Banco achieved a profit of 285 million euros in the first nine months of the year, 5% more than in the same period of the previous yearsupported by the increase in ordinary income and the reduction of personnel expenses.

As explained by the entity in a statement sent to the National Securities Market Commission (CNMV), without the impact of the tribute to the bankwhich paid in the first quarter and amounted to 63.8 million euros, the net profit would have amounted to 349 million, 28.4% more than in September 2022.

On the part of the income, the group recorded a year-on-year increase in net interest income of 25.4% and net commissions of 1.6%, while it reduced personnel expenses by 4.9%. The bank also recorded lower credit write-downs, with a decrease of 12.8%. “These results are accompanied by an improvement in balance sheet quality and the maintenance of a solid solvency and liquidity position,” the bank said in a note published this Monday.

In addition to the interest margin, which has not yet reflected all the rise in the Euribor, Unicaja improved the gross margin (+5.9%) and the operating margin before provisions (+14.4%), while the result of Exploitation activity increases by 25.4%, up to 492 million.

The default ratio, For its part, it is reduced by one tenth compared to the previous year, standing at 3.4%.

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