Q2 2024 Unicaja Banco SA Earnings Call Transcript
Key Points
- Total customer funds grew by 2.7% year on year, indicating a positive trend in business activity.
- Banking margin increased by 27% year on year, improving the cost-to-income ratio to 45%.
- Half-year net income almost doubled compared to last year, reaching EUR 294 million.
- NPAs balances continued to fall, with Stage 3 loans down 10% year to date and foreclosed assets down 13%.
- CET1 ratio improved by 58 basis points to 15.1%, indicating strong solvency.
- Net interest income decreased by 1.8% in the quarter, despite a 25.7% increase year on year.
- Fees fell by 3.5% in the quarter and 5% year on year, due to lower transactional fees from commercial campaigns.
- Corporate loans fell by 3% in the quarter, indicating a decline in this segment.
- Total costs grew by mid-single digits compared to the first half of 2023, driven by higher personnel costs.
- Customer spread declined by 8 basis points in the quarter, reflecting increased cost of deposits.
Good morning, and thank you for attending Unicaja second-quarter results presentation. First, as we usually do, let me confirm you that today, before market opened, we have published this presentation, and the rest of the quarterly financial information in the CNMV and our corporate website. Pablo Gonzalez, our Chief Financial Officer, will explain you the main trends of the quarter, and we will then move to the Q&A afterwards.
So in the interest of time, Pablo, whenever you want.
Thank you, Jaime, and good morning to everyone. I will start in slide 4 with the main highlights of the quarter. Regarding business activity, I am glad to confirm that recent trends are confirming a gradual improvement. As an example, total customer funds grew 2.7% year on year, and off-balance sheet funds were up 2%. Performing loans grew in the quarter, helped by the improvement of new lending, which is 14% up in the quarter, but also
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