Unicaja Banco almost doubles profits thanks to greater income and reduced costs

The Malaga-based banking group has reported profits of 260 million euros in 2022, an increase of 88.9% on 2021

C. VALLEJO

Friday, 3 February 2023, 10:47

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Malaga-based Unicaja Banco has reported profits of 260 million euros in 2022, an increase of 88.9% on 2021. The financial institution explained that the increase is due to the rise in ordinary income (the interest margin went up 2.9%, while income from net commissions was up 7.3%). The figures were also influenced by a reduction in costs, which fell 8.2% last year as a result of a restructuring plan which included branch closures (100% complete) and redundancies (81% complete). This week the group announced that 50 million euros of the last quarter's profits would be reserved for a possible "decline in the economy due to continued high inflation".

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