Q3 2024 Unicaja Banco SA Earnings Call Transcript
Key Points
- Unicaja Banco SA (XMAD:UNI) reported a 58% increase in net income compared to 2023, indicating strong profitability growth.
- The bank's asset quality trends remain positive, with NPL balances falling 22% year-on-year and foreclosed assets decreasing by 36%.
- Customer funds grew by 4.3% year-on-year, with off-balance sheet funds increasing by almost 7%, supported by a 6.3% quarterly increase in mutual funds.
- The bank's CET1 ratio reached 15.4% in the third quarter, reflecting a strong capital position.
- Unicaja Banco SA (XMAD:UNI) has a robust liquidity position, with an LCR ratio above 300% and a loan-to-deposit ratio of 70%.
- Performing loans fell by 2.3% in the quarter, indicating challenges in loan growth.
- Net interest income was flat in the quarter, with a 19% growth over the first nine months, but future NII may be impacted by declining interest rates.
- Total costs increased by 5.4% in the first nine months of the year, driven by higher personnel expenses.
- The bank faced a EUR10 million adjustment related to the Spanish banking levy, impacting other revenues and expenses.
- Fees fell by 5% in the first nine months of the year, attributed to commercial campaigns and a focus on more loyal customers.
Good morning and thank you for attending Unicaja third quarter sales presentation. First, let me confirm you that today before market opened, we have published this presentation and the rest of the financial information in the CNNV and our corporate website, Pablo Gonzalez, our Chief Financial Officer will go through the slides and then we will move to the Q&A. Pablo whenever you want.
Thank you, (inaudible) and good morning to everyone. I will start in slide 4 with the main highlights of the quarter. Regarding business activity during the third quarter, the commercial activity, gradual improvement has continued.
Total customer funds are growing by 3.6% year-on-year and of balance sheet funds, almost 7%.Performing loans fell in the quarter. However, if we exclude the seasonal impact from the pension advances, private sector performing loans were flat for second quarter in a row. Profitability has continued improving during this quarter again. Banking margin grows by 18% in the first
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