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Investing.com -- Unicaja Banco on Tuesday reported second-quarter net income of €179 million, exceeding Jefferies analyst expectations by 8% compared to the consensus estimate of €165 million.
The Spanish bank’s quarterly performance was primarily driven by net interest income (NII), which beat consensus by 3%, rising 1% quarter-over-quarter despite being down 2% year-over-year.
Customer spreads decreased by 9 basis points during the quarter, as loan yields fell by 22 basis points while deposit costs declined by 13 basis points.
Following these results, Unicaja upgraded its 2025 guidance.
The bank now expects NII to exceed €1.45 billion, up from its previous target of over €1.4 billion. Fee income is projected to grow low single digits year-over-year, compared to the earlier flat forecast.
The bank also raised its return on tangible equity (RoTE) guidance to approximately 11%, up from 10% previously.
Unicaja’s loan portfolio outperformed expectations, coming in 3% above consensus with 4% quarterly growth. Meanwhile, customer deposits were 3% below consensus estimates, declining 3% quarter-over-quarter.
The bank’s capital position remained strong, with a fully loaded CET1 ratio of 15.8%, beating consensus by 40 basis points. Second-quarter adjusted RoTE reached 11.9%, already exceeding the new guidance target.
For 2025-2027, Unicaja aims to generate over €1.6 billion in accumulated net profit, maintain NII above €1.4 billion annually, and achieve a return on CET1 (at 12.5%) exceeding 13%.
The bank plans a shareholder remuneration policy with over 85% payout ratio, including 60% ordinary and 25% extraordinary remuneration, with the latter beginning in 2026.
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