Unicaja 4Q17 results: A positive surprise in NII and IFRS 9 impact
4Q17 net group profit: €6mn
Unicaja Banco obtained €6mn in 4Q17 net group profit. Net income amounted to €150.9mn (+6.9% qoq and –5.6% yoy) positively impacted by the CoCos repayment, fee income was €56.1mn (+1.9% qoq and +8.2% yoy) and gross margin stood at €181.4mn (–29.3% qoq and –12.3% yoy) due to the GDF payment and lower trading gains. Costs came down –1.7% qoq and –3.3% yoy, to €155.1mn leading to a pre–provision profit of €23.2m. 2017 net group profit amounted to €142.4mn (+0.2%), EPS was €0.10 (–35%) and DPS was increased to €0.021 (+16.7%).
Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.
Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.
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