Unicaja's CEO still sees 15-20% growth in NII in 2023

Kitco Media
By Reuters
Published:
Updated:
Reuters
MADRID, March 30 (Reuters) - The chief executive officer of Spain's Unicaja on Thursday reaffirmed the bank's forecast of a 15% to 20% growth in lending income in 2023 despite the uncertainty triggered by the global banking turmoil. "Despite the uncertainties, we expect to meet the expectations announced (in January) to the market, based on the stability of our core businesses, the repricing of the balance sheet at the new interest rates ...," Unicaja's CEO Manuel Menendez told shareholders during the bank's annual meeting. "As you know, our expectation is that net interest income will increase by 15-20% in 2023, assuming a 12-month euribor of 3% for the year," Menendez said. The upbeat outlook for lending income was first announced end of January. Banks in Europe, especially retail lenders in Spain are benefiting from higher interest rates, but recent turmoil in the market were putting in doubt the future path of interest rate hikes. The ECB has raised rates by a combined 350 basis points since July but offered no guidance for its next meeting on May 4, arguing that recent financial market tension could upend any plan. On Thursday, shares in Unicaja were up 1.8% at 1135 GMT after losing some 15% since the beginning of the market tensions on March 9. (Reporting by Jesús Aguado; editing by Emma Pinedo and Inti Landauro)

Messaging: Reuters Messaging: jesus.aguado.reuters.com@reuters.net))
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.