Unicaja Banco (UNI) Q3 2026 earnings summary

Executive summary

• 9M26 attributable net income rose 8.1% YoY to €543m, supported by higher net interest income, business growth and lower impairment charges.

• Business volumes grew 5% YoY; adjusted ROTE was 12.2%, and interim dividends totaled €382m, up 126% YoY.

• NPL ratio fell to 1.8%; CET1 was 15.5% at quarter-end.

Financial highlights

• 9M26 NII rose 3.0% YoY to €1,151m; Q3 NII increased 3.5% QoQ to €395m.

• Gross margin rose 3.5% YoY to €1,629m; pre-provision operating margin was €884m, up 2.5%, and operating margin rose 7.2% to €752m.

• 9M26 net fees grew 1.3% YoY to €397m; Q3 fees were €128m, down 1.4% YoY, as loyalty campaigns weighed on banking fees.

• Total provisions fell 20% YoY; quarterly annualized cost of risk was 19 bps.

• Operating expenses rose 4.9% to €746m, reflecting strategic-plan investment and workforce costs.

Outlook and guidance

• 9M26 performance met 2026 guidance: NII growth of 3%, fee growth of 1%, business-volume growth of 5%, cost of risk of 19 bps and net profit growth of 8%.

• 2026 guidance targets mid-single-digit cost growth, cost of risk of 20–25 bps and mid-single-digit net profit growth.

• Customer spreads are expected to rise as loan yields reprice faster than deposit costs; NII is expected to grow over the next 12 months.

• Fee guidance remains low-single-digit growth; loyalty programs weigh on banking fees, while wealth, asset-management and insurance fees continue to grow.