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Unicaja Banco: Good Results But Spreads Already Very Strong

FINANCIALS

Unicaja Banco (BBB-) results headlines appear ahead of expectations but the YTD spread performance has already been very strong (89bp tighter vs. sector -37bp) so tough to see a big incremental move better here:


  • UNICAJA 1Q NET INTEREST INCOME EU390M, EST. EU379.7M
  • UNICAJA 1Q NET INCOME EU111M, EST. EU87.4M
  • CET1 is 14.5%, 25bp ahead of expectations and non-performers are better than expectations, too (300bp from 319bp estimated).

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