Unicaja Banco (UNI.MC) analysis
Unicaja Banco, S.A.
Sector:Financials · Domestic Retail Banking
Country:Spain
Profile and moat
Unicaja is a retail bank. The trade is household deposits, mortgages and credit in the towns where it has a branch network, with weight in the south and the north of Spain. It absorbed Liberbank. It is still more domestic than Santander or BBVA, and it is not Bankinter, whose weight is higher-income clients and companies.
The thermometer is net interest margin, the cost of credit and capital. A deposit share is read in the accounts, not in this text. It is not an oligopoly by decree: the customer can switch bank. The ECB supervises the dividend. It is paid if capital and cash allow it. This report does not state a calendar or a CET1.
Rates move the margin. A cut shows up sooner at a domestic bank than at one with more fees abroad. Compare it with CaixaBank and with Bankinter to see the scale, not to copy the multiple.