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Spain’s Sabadell reports 161 mlns Q4 net profit helped by TSB -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A woman walks out of a Sabadell Bank office in Barcelona (Spain), September 7, 2021. REUTERS/ Albert Gea

MADRID, Reuters – Spain’s Banco Sabadell reported a net profit in fourth quarter of 161 millions euros ($181.6m) compared to a loss in same period last year of 201m euros. This was due to the solid performance of its British unit TSB.

Reuters polled analysts and predicted a net profit in excess of 34 millions euros.

Lender said that quarterly results were up 56% in year-on-year growth in British mortgage transactions to record levels of close to 2.17 billion Pounds.

The bank posted a net profit of 530 million euros in 2021 due to lower impairments over the entire year. This is significantly higher than the 2,000,000 euros it booked for 2020. Analysts predicted a net profit of 403 millions for all 2021.

Banks were able to end the year with a Return on Tangible Equity (ROTE) of 5.05%, compared to 0.02% for 2020. The bank now anticipates that its ROTE will exceed 6% by 2022. This is one year sooner than the initial target in its strategic plans.

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