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FINANCIALS: Unicaja Banco: Results Miss, Loan Losses Weak, Spread Negative

FINANCIALS

Unicaja Banco (UCAJLN: BBB- pos) 2Q24 headlines are mixed. Revenues are in line, but higher loan losses have driven a profit miss and CET1 is also below expectations. Spreads have done pretty well into these results so, outwith potential bid speculation around all the smaller Spanish banks, in the wake of the BBVA bid for Sabadell, we’d see this as a spread negative event.

  • “*UNICAJA 2Q CET1 RATIO FULLY-LOADED 15.1%, EST. 14.9%
  • *UNICAJA 2Q NET INCOME EU184M, EST. EU192.4M” – BBG

Conf call is 0800 (London time) at: https://www.unicajabanco.com/

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