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Sabadell’s Q3 net profit more than doubles buoyed by British unit TSB -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Sabadell’s logo can be seen on an ATM at a Barcelona bank, Spain September 7, 2021. REUTERS/Albert Gea

MADRID (Reuters), – Spain’s Banco Sabadell said Thursday that it has more than doubled its third-quarter net profits compared with the year before. The increase in its lending income as well as a strong performance at the British unit TSB, were the main reasons for the jump.

In the period July-September, fourth largest bank by total assets in country reported a net profit in excess of 149 millions euros ($173million). Reuters polled analysts expecting a net profit in the range of 115 millions euros.

But net profit fell below 251 millions euros in the third quarter 2019, prior to the pandemic.

In Britain, TSB reported a standalone net profit of 47 MILLION Pounds in the third quarter compared with a loss in the previous year.

The net interest income of the group increased 4.3% in its third quarter to 877million euros, an increase that was higher than analysts’ forecasts of 856 millions euros.

($1 = 0.8613 euros)

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