Unicaja Banco (UNI) Q2 2025 earnings summary

Executive summary

• Net profit for H1 2025 reached €338 million, up 15% year-over-year, with an interim dividend of €169 million, 10% higher than last year.

• Business volumes increased by 4% year-over-year, with customer funds up 6% and mutual fund balances rising over 25% since June last year, achieving a 10% market share in subscriptions.

• Strategic plan execution drove commercial dynamism, brand strengthening, operational excellence, digital transformation, and product simplification.

• Net interest income grew 1.5% quarter-over-quarter, while net fees rose 2.5% year-over-year, driven by off-balance sheet funds.

• NPL ratio at 2.2%, with coverage among the highest in the sector, and CET1 fully loaded at 15.8%.

Financial highlights

• Net profit for H1 2025 was €338 million, a 15% increase year-over-year.

• Gross margin for H1 2025 was €1,058 million, up 5.2% year-over-year.

• Operating margin and pre-provision profit improved by 5.2% in H1 2025 due to lower provisions.

• Fee income grew 2.5% year-over-year, with strong contributions from mutual funds and insurance.

• Cost-to-income ratio remained stable at 45%.

Outlook and guidance

• Net interest income guidance raised to over €1.45 billion for 2025.

• Fee income guidance upgraded to low single-digit growth for 2025.

• Cost growth guidance maintained at around 5% for the year.

• Adjusted ROTE guidance improved to close to 11%.

• Strategic Plan 2025-2027 focuses on diversifying revenues through growth in consumer and corporate lending.