Unicaja Banco Q2 2026 Results and Updated Guidance

Unicaja Banco, S.A. announced second‑quarter 2026 net income of €201 million, surpassing analyst expectations of €183 million by roughly 10 %. Pre‑tax profit was 9 % above consensus, while pre‑provision profit exceeded forecasts by 3 %. Total revenues beat the consensus by 2 %, and total costs were in line with estimates, growing 4.8 % year‑over‑year in the first half of the year.

Net interest income (NII) was flat versus consensus but rose 2 % both quarter‑over‑quarter and year‑over‑year. Customer spreads narrowed by 2 basis points as loan yields rose 1 bp and deposit costs increased 2 bp, the latter attributed to the recent European Central Bank rate hike. Net fee income fell 2 % short of expectations; however, asset‑management and insurance fees performed well, while banking fees lagged. For the first half of 2026, total fee income grew 2.6 % year‑over‑year.

Total impairment charges for the quarter were €41 million, well below the consensus estimate of €55 million. The cost of risk stood at 18 basis points, and other provisions amounted to €22 million. Customer loans exceeded consensus by 3 %, increasing 5 % quarter‑over‑quarter and 4 % year‑over‑year; corporate loans grew 7 % year‑over‑year and retail loans 3 % year‑over‑year. Customer deposits, including repos, were 1 % below expectations, declining 1 % quarter‑over‑quarter but up 4 % year‑over‑year.

The fully loaded Common Equity Tier 1 (CET1) ratio reached 15.8 %, beating consensus by 10 basis points. Adjusted return on tangible equity (RoTE) for Q2 was 12 %, with the reported RoTE at 10 %.

Based on the stronger performance, Unicaja Banco revised its 2026 outlook. Net interest income is now expected to grow in the low‑to‑mid single‑digit range, up from the prior guidance of “above 2025 levels”. Fee growth is targeted at low single digits year‑over‑year, and cost growth is projected at mid‑single‑digit percentages year‑over‑year. The cost‑of‑risk guidance was tightened to a range of 20‑25 basis points, improving from the previous “below 30 basis points”. Net profit is now forecast to increase at mid‑single‑digit rates, replacing the earlier guidance of “higher than 2025 levels”. The bank reaffirmed its 95 % payout policy.