Unicaja's Q2 net profit falls 2.4% on banking tax, lower lending income
The country's sixth-biggest lender by market value reported a net profit of 179 million euros ($207.37 million) in the April to June period. Analysts polled by Reuters expected a net profit of 169 million euros.
In this quarter, Unicaja booked a charge of around 5 million euros against the banking levy, according to a spokesperson, as it adjusted the impact on a linear quarterly basis based on the tax legislation currently in place. In the previous years, the bank booked the amount for the full year in the first quarter.
In 2024 it took a hit of 79 million euros.
In an environment marked by lower borrowing costs, Unicaja's net interest income (NII), a measure of earnings on loans minus deposit costs, in the quarter fell 2.5% from the same period a year ago, compared to forecasts of 363 million euros.
Compared to the previous quarter, however, NII was up 1.5%.
($1 = 0.8632 euros)
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