April 29, 2024 06:50 GMT
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).
Keep reading...Show less
67 words