Q1 2025 Unicaja Banco SA Earnings Call Transcript
Key Points
- Unicaja Banco SA (UNJCF) reported a 43% year-on-year increase in net income for Q1 2025, reaching EUR158 million.
- The bank's return on tangible equity adjusted by excess capital improved to 11%, indicating enhanced profitability.
- Non-performing loans (NPL) fell by 5% quarter-on-quarter, with a significant year-on-year decline of 16%, improving the NPL ratio to 2.6%.
- The cost-to-income ratio improved by 3 percentage points year-on-year to 46%, reflecting better operational efficiency.
- CET1 fully loaded ratio increased by 27 basis points in the quarter to 15.4%, demonstrating strengthened solvency.
- Net interest income fell by 3% quarter-on-quarter to EUR369 million, impacted by lower day count and ongoing loan repricing.
- Total customer funds fell 1.2% year-to-date due to regular quarterly seasonality.
- Personnel expenses grew due to salary increases, contributing to a 4.5% rise in total costs.
- The bank's net interest income sensitivity to interest rate changes remains a concern, despite hedging efforts.
- The bank's guidance for flat fees in 2025 suggests limited growth potential in fee income.
Good morning, everyone and thank you very much for attending our first-quarter 2025 presentation. This morning, as usually, before market opening, we published this presentation along with the rest of our usual financial information at the CNMV and our corporate website.
Today, we have with us our Chief Financial Officer, Pablo Gonzalez, that will be this time the one going through the slides. So without further delay, I'll give the floor to him. Pablo, whenever you want.
Thank you very much, Jaime. I will start on page 3, where we show the main highlights for the quarter.
Starting with commercial activity, I would like to highlight that business volumes improved by 2.4% year on year, supported by some positive trends that have been confirmed in the first quarter of 2025 where off-balance sheet funds grew 3.8%, but also thanks to much more stable trends in performing loans that grew 0.3% quarter on quarter.
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