Sabadell net profit improved by 21% through June, less than expected – Investing.com Spain

MADRID (Reuters) – Banco Sabadell (MC announced on Wednesday that ended the first half of the year with a net profit of 425.3 million euros, 20.7 percent more than in the first half of last year in a context of increased margins and credit.

Despite being driven by the acquisition of British TSB, the result was below forecasts of analysts polled by Reuters, who expected a profit of 485 million euros.

However, net interest income (the difference between what it charges for lending and financing costs) was slightly higher than expected to climb 49.5 percent to 1,942.5 million euros (forecast 1.934).

The company, which achieved quarterly and annual growth in its fee income, saw its gross credit stock first since 2012.

the volume of outstanding credit grew by 3.2 percent compared to June 2015 and 0.8 percent in the first quarter. Delinquencies, meanwhile, returned to 2012 levels falling 67 basis points between April and July to stand at 6.83 percent.

With a capital ratio fully loaded CET 1 11, 8 percent, the bank said it plans its British subsidiary TSB continue to move after the recent Brexit, which focus of the conference call with analysts scheduled for the morning.

“TSB continues to perform better than expected in its strategic plan, “said the company, which also highlighted the good start of their banking in Mexico, where he was licensed last year and began operations in January.

” in just six months the company has been positioned in the Top7 in lending to companies in the country “, Sabadell said, adding that it has ambitious expansion plans in the country.

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