September 23, 2020

Unicaja Banco earns 142 million euros until September, 18.4% more | Economy

Unicaja Banco earns 142 million euros until September, 18.4% more | Economy

Unicaja Bank has obtained a net profit of 142 million euros in the first nine months of 2018. A figure that is 18.4% more than the same period of the previous year and is based, as reported by the financial institution, in the reduction of 2.5% of operating expenses and 63% of the needs for write-downs, to which the entity has allocated 77 million euros.

Another of the pillars of the results up to September is the growth of the interest margin by 4.6%, reaching 452 million euros. Unicaja explains this fact with three arguments: the promotion of new credit production, the contribution of the fixed income portfolio and the decrease in financing costs. In addition, in these three quarters of 2018, commissions have grown by 2.6% at a constant perimeter.

The bank also reported Monday that in September the merger by absorption of Spain Duero culminated. "A milestone", says the entity, in a roadmap that will allow it to continue advancing in the development of its business plan "based on the model of proximity banking".

Unicaja Banco has also managed to improve its solvency levels so far this year, as well as achieving growth in commercial activity. In this regard, the 23.8% increase in new credit financing operations for small and medium-sized companies and individuals stands out. The growth in the volume of managed client funds is also maintained, as well as "comfortable" levels of liquidity and a high degree of financial autonomy. The liquid assets available account for a quarter of the total balance.

According to the entity's data, coverage levels also remain among the highest in the entire sector. The coverage of non-productive assets stood at 59% at the end of September 2018, with doubtful assets standing at 55% and real estate contracts at 64.3%.

On the other hand, non-productive assets have decreased in 2018, falling by 21.3% in year-on-year terms. Thus, the balance of doubtful assets decreased by 21.6% to 2,221 million euros and that of foreclosed real estate by 21% to 1,668 million euros. Its evolution has also been positive so far this year, reducing doubtful assets by 489 million euros, which has led to a fall in the default rate of 1.2 percentage points to 7.5%.


Source link