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Finance

Unicaja's lending income stall in Q4 on lower rate

Published by Global Banking and Finance Review

Posted on February 4, 2025

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MADRID (Reuters) -Lower interest rates put lending income at Spain's Unicaja under pressure in the fourth quarter compared with the previous three-month period.

In the September to December period, the lender booked a net profit of 122 million euros ($125.72 million), 22% less than in the previous quarter. Analysts expected a net profit of 142 million euros.

The country's sixth-biggest lender by market value had booked a 19 million euro net loss in the fourth quarter 2023.

On Tuesday, the bank also said its board had proposed the distribution of a dividend pay-out 60% against 2024 results, equivalent to 344 million euros.

Unicaja's net interest income, a measure of earnings on loans minus deposit costs, in the quarter fell 0.8% against the previous quarter to 381 million euros, higher than analysts' forecasts of 364 million euros.

($1 = 0.9704 euros)

(Reporting by Jesús Aguado, editing by Inti Landauro)