Unicaja Banco registered a net profit of 260 million euros in 2022, which represents an increase of 88.9% compared to 2021, as reported by the group to the National Securities Market Commission (CNMV) on Tuesday.

The entity has explained that this result was supported by the increase in ordinary income, with a growth in the interest margin of 2.9% and 7.3% for income from net commissions, in the reduction of administrative expenses , of 8.2%, after materializing the synergies derived from the planned restructuring plans, and in the lower loan write-downs, with a reduction of 20.8%.

Likewise, the entity has highlighted that all margins increased compared to the previous year in 2022, the year in which the entity entered the IBEX-35, the main indicator of the Spanish Stock Market.

Specifically, the interest margin grew 2.9% compared to the end of 2021, 11.5% in the last quarter, while the gross margin increased 4.5% and the operating margin before write-offs, on 24 .6%, while the result of the exploitation activity was 97.4%.

The improvement in the ‘core’ banking business and the reduction in operating costs have allowed the entity to establish extraordinary provisions for an amount close to 50 million euros in the last quarter to anticipate the possible deterioration of the economy derived from the maintenance of inflation elevated.

The NPL ratio remains stable, at 3.5%, while the ‘performing’ credit investment of individuals increased by 1.8% to 34,491 million euros and mortgage financing grew by 1.7%, maintaining a low risk profile.

Likewise, the entity has ensured that it maintains a solid solvency position. The highest quality capital ratio (CET 1) ‘fully loaded’ stood at 13% at the end of the year with an excess of capital of 1,622 million euros over regulatory requirements.

According to Unicaja Banco, customer funds amounted to 90,081 million, after increasing 0.3% in the fourth quarter, while term deposits grew 11.7% in the same period. Total managed resources stood at 98,178 million at the end of 2022, 91.8% of them from retail resources.

Off-balance sheet funds grew 0.6% in the last quarter of the year to 20,249 million. The accumulated assets of investment funds stood at 11,249 million, after growing 0.4% in the quarter; and that of pension funds reached 3,682 million, with a quarterly increase of 0.8%.

For its part, financing activity was mainly driven by the increase in performing credit to individuals (not doubtful) (1.8%), both in the mortgage (1.7%) and consumer (3, 5%), as well as credit to public administrations (3.7%). Productive credit investment (not doubtful) stood at 52,953 million, falling by 1.1%, due to the slowdown in the granting of credit to companies, due to the collection of liquidity carried out in 2021 under the ICO lines.

New loan formalizations reached 10,049 million, of which 4,313 million correspond to private mortgage financing, representing 42.9% of the total. The market share in new mortgage formalizations stands at 8% of the national total (according to data as of November 2022, accumulated over the last 12 months), well above Unicaja Banco’s natural share in the Spanish banking sector.

According to the entity itself, the performing credit portfolio maintains a “low risk profile” and is “highly diversified”: 59.7% corresponds to mortgage financing, 24% to companies, 10.9% to public administrations and 5.4% for consumption and other purposes.

At the end of the year, the non-performing loan ratio remained stable, at 3.5%. The balance of doubtful loans decreased by 1.2% while sales of foreclosed real estate assets amounted to 584 million euros. The reduction in the stock of gross foreclosed real estate assets was 17.0%, which meant that the set of unproductive assets continued its downward path and fell by 9.6%.

At the same time, Unicaja Banco has maintained its high coverage levels, both for doubtful assets and foreclosed assets, standing at 66.5% for doubtful assets and 64.1% for foreclosed assets. Coverage of total NPAs (doubtful and awarded) stood at 65.3%.


Unicaja Banco’s annual balance sheet records a consolidated net profit of 260 million euros in 2022, 88.9% higher than in 2021, and reflects that all margins increased over the previous year.

Thus, the interest margin increased 2.9% to 1,058 million, with growth of 11.5% in the last quarter, largely due to the increase in credit profitability due to the rise in interest rates. The commercial margin increased to 1.54%.

On the other hand, net income from commissions registered an increase of 7.3%, reaching 525 million, mainly driven by activities in investment funds and means of payment, mainly. Gross margin reached 1,584 million, 4.5% higher than in 2021.

According to the entity, the improvement in results was based on the 8.2% reduction in administrative expenses after materializing the synergies derived from staff departures and planned office closures, which have already materialized by 81%. and 100%, respectively. The efficiency ratio stands at 54.4%, with an improvement of 7.4 points compared to the previous year.

Thus, the operating margin before write-offs increased by 24.6%, standing at 723 million. Credit write-offs fell by 20.8%. The improvement in the core banking business and the reduction in operating costs have made it possible to set up extraordinary provisions in the last quarter for an amount close to 50 million euros, to anticipate the possible deterioration of the economy derived from the maintenance of high inflation.

The cost of recurring risk, without considering extraordinary provisions, stood at 26 b.p. in the fourth quarter. The result of the operating activity was 414 million, 97.4% more than the previous year. For its part, the consolidated profit before taxes was 361 million, and the net reached 260 million, with growth of 100.1% and 88.9%, respectively.


At the end of 2022, Unicaja Banco reached a capital level of the highest quality phase in (CET 1 Common Equity Tier 1) of 13.7%, a Tier 1 capital ratio of 15.3% and a total capital ratio of 17.1% According to the entity itself, these ratios easily exceed the required levels of 5.4 p.p. in CET 1 and 4.4 p.p. in full equity.

In fully loaded terms, the entity had a CET 1 level of 13.0%, a Tier 1 capital ratio of 14.6% and a total capital ratio of 16.4%. The CET 1 fully loaded increases 46 b.p. in the year, thanks to the organic generation of results and the reduction of risk-weighted assets. All of this means that the entity presents an excess of 1,622 million over regulatory requirements.

On the other hand, the Texas ratio stands at 42.2%, 3.8 p.p. better than in 2021. Unicaja Banco emphasizes that this means that the entity maintains a solid liquidity position, reflected in the financing indicator for credit with retail deposits (Loan to Deposit), which stood at 78.6%, in a short-term liquidity ratio (LCR), of 284%, and in the ratio of availability of stable resources (NSFR), of 143%.