By Jesús Aguado
MADRID – Spanish financial institution Unicaja mentioned on Tuesday it booked a internet lack of 1 million euros ($1.08 million) within the fourth quarter as increased mortgage loss provisions greater than offset the upper revenue from lending.
Analysts polled by Reuters anticipated a internet revenue of 35 million euros.
In the identical interval a yr in the past, Unicaja reported a lack of 18 million euros as a result of one-off prices and decrease lending revenue.
Although lenders in Europe are starting to learn from increased borrowing prices, a few of them e book increased provisions anticipating the financial uncertainty within the close to future stemming from excessive inflation.
Unicaja’s internet curiosity revenue (NII), or earnings on loans minus deposit prices, rose 25% year-on-year to 293 million euros within the fourth quarter, beneath the 298 million euros forecast by analysts.
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