The entity led by Manuel Menéndez has recorded a net profit of 148 million euros in the first six months of the year. According to the bank in a statement, without the impact of the new temporary tax on banking, which amounted to 63.8 million euros and was fully computed in the first quarter, net profit would have amounted to 212 million, 24.5% more than in June 2022. Specifically, in the second quarter, net profit reached €114 million, compared to €34 million in the first quarter.
The group’s result in the half-year, which was 13% lower than last year, was supported by the increase in ordinary income -with a year-on-year growth in net interest income of 20.9% and 2.1% in net fee and commission income-, in the reduction of personnel expenses, of 5.2%, and in lower credit write-downs. with a reduction of 15%. These results are accompanied by an improvement in balance sheet quality and the maintenance of a solid solvency and liquidity position.
Without yet collecting all the rise of the Euribor, the customer margin increased in year-on-year terms by 85 basis points, to 2.26%, with a contained financial cost. Gross margin remained stable, operating margin before write-downs increased by 1.4% and operating income grew by 3.2%. The efficiency ratio -discounting the effect of the temporary tax on banks- improved in one year by 4.5 percentage points to stand at 47.9%.
The balance of healthy (non-doubtful) lending reached €51,231 million. In a context of contraction in demand, the balance of that allocated to individuals remained stable, at €34,735 million, increasing consumer financing by 3.8% year-on-year, while the mortgage portfolio performed better than the sector average. In the first half of the year, 3,847 million new loans and credits were granted, of which 1,448 million were mortgages of individuals, placing the market share in formalizations at 7.3% of the national total, well above the natural quota of Unicaja Banco.
On the other hand, the funds of retail clients show little variation with respect to the previous quarter. The deposit base of the clientele is very stable. 76% are from individuals, with the average deposit being less than 20,000 euros. Time deposits increased by 42.8% year-on-year. Off-balance sheet funds and insurance increased by 1.3% to €21,004 million. Total resources administered stood at €99,192 million.
The volume of non-performing assets (NPAs) continued its favourable downward trend, with a year-on-year fall of 7.3%, caused both by the decrease in the stock of foreclosed assets, of 12.6%, and of doubtful assets, of 2.1%. The reduction of NPAs has been accompanied by the maintenance of high levels of coverage, continuing the traditional policy of prudence followed by Unicaja Banco. The coverage ratio of non-performing assets improved in year-on-year terms by 1.4 p.p., reaching 65.4%; that of doubtful assets stood at 65.8%, and that of foreclosed assets at 64.9%. The NPL ratio remained at 3.6%, and the cost of risk remains contained, at 30 basis points.
Unicaja Banco also maintains high and solid solvency levels. Maximum quality capital, CET 1 fully loaded, increased by one percentage point compared to June 2022, standing at 13.8%, with an excess of capital over regulatory requirements of €1,755 million. Following the return of most TLTROs, liquidity levels remain high, with an LCR ratio of 284% and an NSFR ratio of 143%.
