Grupo Unicaja recorded a net profit of €161 million in the first quarter of 2026, compared with €158 million in the same period of the previous year, representing a year-on-year increase of 1.4%. This result is underpinned by the favourable performance of recurring income, an improvement in the net interest margin, growth in net fees, against a backdrop of sustained growth in commercial activity, and a reduced need for loan loss provisions, which fell by 20% year-on-year, in line with the sustained improvement in balance sheet quality. Added to this is the gross margin’s ability to partially absorb the rise in operating costs, mainly associated with investments linked to the Strategic Plan, whilst maintaining solid levels of profitability.
Against this backdrop, the bank has approved a new dividend policy, effective from January 2026, which increased the payout ratio to 70%, up from the previous 60%, and envisages for the 2026 financial year an additional remuneration via share buybacks or supplementary dividends, estimated at around 25% of consolidated net profit, bringing the total remuneration to shareholders for the year to 95%.
Net interest income reached €373 million, a year-on-year increase of 1.3%, whilst net fees grew by 3.1% to €136 million, driven by strong activity in mutual funds and the insurance business. Gross margin rose by 1% to €520 million, enabling the bank to maintain levels of profitability and efficiency, with a cost-to-income ratio of 46% (calculated over the last twelve months) and a contained cost of risk (20 basis points).
The growth in fees also reflects a gradual shift in the group’s revenue mix, with a greater weighting of higher value-added businesses, particularly wealth management and insurance, which helps to reinforce the stability and visibility of results.
Although it is still early in the financial year, the key figures are performing in line with or above expectations, as a result of the implementation of the 2025–2027 Strategic Plan, which continues to strengthen commercial momentum. Business volume grows by more than 3% year-on-year and ROTE profitability, adjusted for excess capital, stands at 12%.
Balance sheet and activity
Year-on-year growth of 3.9% in total customer deposits
Retail customer funds reached €96,003 million, with year-on-year growth of 3.9%, whilst off-balance-sheet funds increased by 10.6% to €25,910 million. In total, managed funds, including wholesale funds, continue to perform well, with a 1.5% increase over the last twelve months, reaching €106,658 million.
Within savings, the performance of investment funds stands out, having grown by 17.2% year-on-year, with net subscriptions of €468 million in the year, enabling Unicaja to maintain a market share of 9%, according to data from Inverco. The accumulated assets of the funds stood at €16.901 billion at the end of the quarter.
Performing loans totalled €47.622 billion, representing year-on-year growth of 2.4%, driven in particular by corporate lending (+6.3%) and consumer lending (+8.5%), in line with the revenue diversification priorities of the Strategic Plan. In 2026, new lending reached €2.845 billion (+9.6%), of which €913 million corresponded to retail mortgages, accounting for 32% of the total. New lending to the private sector saw a year-on-year increase of 10%.
The positive performance of commercial activity is also underpinned by the growth of the digital channel, which is gaining ground both in the sale of consumer products and in the marketing of investment funds, accounting for 65% and 36% respectively of total new business. Thus, total digital sales have grown by 82% in consumer products and 47% in funds compared to the first quarter of 2025.
In line with this, and also compared with the same quarter of the previous year, the number of Bizum users has increased by 6%, exceeding one million users, and the number of acquired salary and pension accounts has doubled.
Improved balance sheet quality and solid progress in risk indicators
The performance of the results is accompanied by a significant improvement in balance sheet quality, reflecting the strength of the business model. The non-performing loan ratio stands at 2%, having fallen by 56 basis points over twelve months (12 basis points in the quarter), whilst the cost of risk remains contained at 20 basis points in the quarter.
Non-performing assets (NPAs) recorded a year-on-year fall of 26%, with decreases in both foreclosed assets (33.1%) and in non-performing loans (20.3%). The improvement in credit quality is also evident in the trend in new entries to non-performing, which fell by 21.2% over twelve months.
The reduction in NPAs has been accompanied by a further strengthening of the already high coverage ratios, which are among the highest in the sector, continuing Unicaja’s traditional policy of prudence. The coverage ratio for NPAs stands at 78.9%; that for NPLs at 79.9%; and that for foreclosed assets at 77.2%, resulting in a year-on-year reduction of 42% in net NPAs.
Capital and liquidity management
CET 1 at 16% with high levels of liquidity
Unicaja maintains a strong solvency and liquidity position, with a CET 1 (Common Equity Tier 1) regulatory capital ratio of 16%, representing an excess of 7.3 percentage points above regulatory requirements, equivalent to €2,208 million.
Liquidity ratios remain at high levels, with a Loan-to-deposit ratio of 69.3%, a short-term liquidity ratio (LCR) of 291.9%, and a net stable funding ratio (NSFR) of 159.5%.
Income Statement
Gross income grew by 1% year-on-year
Net interest income remains solid. Income from fixed-income securities, together with savings on the cost of wholesale issues and the maturity of mortgage bonds, brought it to €373 million at the end of the quarter (+1.3% year-on-year).
Meanwhile, net fees reached €136 million, a year-on-year increase of 3.1%, with significant growth in mutual fund fees (18.7% year-on-year) and insurance fees, reflecting strong commercial momentum.
Gross margin grew by 1% year-on-year to reach €520 million, and the cost-to-income ratio stood at 46% (calculated over the last twelve months).
Pre-provision profit stood at €275 million for the quarter, with a year-on-year reduction in loan loss provision of 20.2%. The need for other provisions/impairments has fallen substantially over the financial year (-19% year-on-year).
Pre-tax profit amounted to €232 million, with a net profit of €161 million.
Sustainability
During the first quarter of 2026, Unicaja has reinforced its commitment to sustainability with significant progress in environmental and energy management, including the integrated attainment of ISO 14001 and ISO 50001 certifications for 30 buildings, as well as the calculation, verification and application for registration of its carbon footprint for 2025.
In the area of social and responsible business, the bank has promoted initiatives with a direct impact on employment and social cohesion, through agreements to support women’s entry into the labour market and the return of talent to Spain. It has also strengthened its support for the agriculture and livestock sector, making €1,000 million available in financing and advance payments, and has made progress in financial inclusion and support for older people, maintaining the advance payment of pensions and personalised support measures.
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