Unicaja 3Q17 results: Good cost control & asset quality improvement
Unicaja obtained €136mn (–30.3%) in 9M17 net group profit. 3Q17 net profit was €50mn (–12.3% yoy and +48.3% qoq). The key highlights of the quarter are: (a) weak NII due to lower volumes and narrower spreads; (b) good cost control due to the execution of the CEISS’ restructuring plan; and (c) improvement of asset quality with significant reductions both in NPLs and foreclosed assets.
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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