Unicaja Banco (UNI.MC): Small results beat, improved financial guidance for 2026E

研报英文原文证据摘录

Unicaja Banco (UNI.MC): Small results beat, improved financial guidance for 2026E

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31 Jul 2026 03:10:52 ET │ 11 pages

Unicaja Banco (UNI.MC)

Small results beat, improved financial guidance for 2026E

CITI'S TAKE

Neutral Unicaja 2Q26 net profit was c.10% ahead of consensus, driven mainly by

lower LLPs and better non-core revenues. Core revenue trends were Price (30 Jul 26 17:30) €3.25

broadly in-line, with NII in-line and fees slightly below expectations, while Target price €2.98

commercial momentum remained healthy in both loan and customer Expected share price return -8.3%

funds developments. Management upgraded 2026E guidance to low-to- Expected dividend yield 8.6%

mid single-digit NII growth (vs. prior guidance of above 2025 levels), and a Expected total return 0.3%

cost of risk of 20-25bps (from <30bps previously). Customer spreads

Market Cap €8,357M declined by c.-2bps QoQ, as deposit costs increased c.3bps QoQ. While

US$9,634M CET1 fell 17bps QoQ to 15.65%, capital remains robust and supports an

attractive distribution profile, including a c.95% payout ratio. Overall, we

view the results as modestly positive, albeit the market will likely focus on

implications for 2027E profitability. Borja Ramirez SeguraAC

+44-20-7508-0206

borja.ramirez@citi.com

Anand Demble • 2Q26 net profit was €201mn, +10% above VA consensus mainly due to

+44-20-7986-4056

lower provisions and other income: NII was €382m in 2Q26, +2/+2%

anand.gopal.demble@citi.com

QoQ/YoY and in-line with VA consensus. Fees were €133m, -2/+2%

QoQ/YoY and -2% below VA consensus. Trading income was €1m, vs. VA Andre Nemec

consensus €3m. Dividends & associates were c.€59m vs VA consensus at +44-20-7986-2889

c.€48m. Other revenues were -€10m vs VA consensus -€13m. Total andre.nemec@citi.com