Unicaja Banco, S.A. Q3 2026 Earnings Recap

Unicaja reported continued growth in lending and customer funds, alongside higher nine-month net income and a larger interim dividend. With the stock up 2.1%, the reaction was roughly flat: the positives were balanced by pressure on CET1 and management’s comment that near-term sensitivity to interest rates is very small.

Key Takeaways

• Nine-month net income was €543 million, up 8% year over year; adjusted return on tangible equity was 12.2%.
• Performing loans grew 5% year over year, led by corporate loans at 11%; total customer funds increased 4.6%, including 14% growth in mutual funds.
• Assets under management and insurance revenues rose 9% year over year and represented 19% of total revenues. Net inflows reached €1.6 billion, a 15% market share.
• The NPL ratio fell to 1.8% from a year earlier, while coverage rose to 85% from 74%; cost of risk was 19 basis points.
• CET1 declined to 15.5% during the quarter. The bank announced a €0.0642 second interim dividend, with 2026 interim dividends totaling €382 million, up 126% year over year.