Unicaja’s Q3 net profit rises 77% from a year ago on higher lending, fees

Posted on October 27, 2022Comments Off on Unicaja’s Q3 net profit rises 77% from a year ago on higher lending, fees

© 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)

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Comments Off on Unicaja’s Q3 net profit rises 77% from a year ago on higher lending, fees