Sabadell improves its result to March driven by British TSB – Investing.com Spain

MADRID (Reuters) – Banco Sabadell (MC experienced a significant improvement in its results for the first quarter thanks to the acquisition of British TSB (LON :), a decrease of 52 percent in the already high sales of real estate assets provisions.

the Catalan club announced on Friday that between January and March obtained a net attributable profit of 252 million euros, 44.3 percent more than the same quarter last year, when they had in their accounts activity TSB.

the result, which exceeds 215 million forecast by analysts polled by Reuters, would stand at 190 million euros, 9 percent more than in March last year, if not consider the business of TSB.

Net interest income (the difference between what a bank charges for lending and financing costs) increased 51.4 percent in absolute terms and 8.2 percent if not taken into account TSB.

in a context of declining non-performing loans to 7.5 percent (418 basis points cut in the last year), the bank continued to reduce problem assets and taking advantage of the market recovery to increase sales and property income.

Between January and March, the company sold 4,025 properties, almost double the first quarter of last year, with revenues of 805 million euros, compared with 329 million in the first quarter of 2015.

the provisions, however, fell 52 percent to 434.9 million euros.

in this context, the company ended the quarter with a capital ratio CET 1 11.9 percent and 11.8 percent in terms ‘fully loaded’.

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