Unicaja has achieved a profit of 165 million euros between January and June, which is 62% more than in the same period of the previous year, thanks to the recovery of the margins of the typical banking business and lower loan write-downs. Actually, it’s about the results. proforma that compare the aggregate figures of Unicaja and Liberbank for all the dates compared and do not consider extraordinary adjustments of the merger, completed in July 2021.
With regard to income, the interest margin fell by 7.6% to 502 million due to the low rate environment, although the entity points to a recovery in the second quarter (+13.8%) thanks to the rise of the Euribor since the beginning of the year. The net commissions rose 12.8% up to 264 million. All in all, the gross margin grew by 0.8%.
In commercial activity, Unicaja highlights that in the first half of the year, more than 5,300 million in new credits, of which 2,284 million correspond to mortgages. The market share in new mortgage formalities stands at 8.4%. For its part, consumer credit and other financing to individuals grew by 1.8% in year-on-year terms, until the portfolio reached an outstanding balance of 3,532 million. Resources managed increased by 2.1% compared to the previous quarter. Likewise, despite the volatility of the markets, in the first part of the year it achieved net subscriptions in investment funds amounting to 379 million, 2.7% more.
As for the indicators of solvencythe entity closed 2021 with a capital ratio CET 1 fully loaded of 12.8%, which represents 0.2 percentage points more than the previous quarter and an excess of capital over regulatory requirements of 1,583 million.
In addition, the volume of non-performing assets fell by 5.4% in year-on-year terms and coverage levels rose to 64% for non-performing assets as a whole. Similarly, the default rate remained stable at 3.5%. In addition, the bank benefited from lower credit write-down needs (-43.6% year-on-year). The entity also details that the 94% of ICO-backed loans have completed their grace periods No signs of deterioration have been identified.
Secondly, reduced administration expenses by 9%, thanks to integration synergies. And it is that, last year, after the integration of Liberbank, Unicaja carried out an ERE for 1,513 employees. The entity increased the RoTE profitability by 1.4 percentage points from the previous quarter to a ratio of 5.2% and improved the efficiency ratio by 5.7 points to 52.9%.
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