© Reuters. FILE PHOTO: The logo of Unicaja bank is seen on the facade of the Data Processing Center of Unicaja bank in Ronda, Spain, October 26, 2022. REUTERS/Jon Nazca
MADRID (Reuters) – Spain’s Unicaja on Thursday said that its net profit in the third quarter rose 77% against the same period of 2021 thanks to rising income in fees and lending as well as lower costs.
The lender reported a net profit of 95 million euros ($95.69 million) in the July to September period. Analysts polled by Reuters expected a net profit of 93 million euros.
Unicaja’s net interest income (NII), or earnings on loans minus deposit costs, rose 4.9% year-on-year to 263 million euros ($264.92 million) in the third quarter, as higher interest rates are boosting retail lenders’ margins.
Analysts expected NII to come in at 268 million euros.
($1 = 0.9927 euros)