The Commercial Bank Portuguese is pointed out as one of the reasons for the Bank Sabadell has not fulfilled one of the goals that I had in the strategic plan 2014-2016: the of the benefits. Not already having a share in its capital, the Spanish bank leaves the strategic plan for the next few years.
The Sabadell considers that it has achieved most of the financial goals of your plan, such as the commissions paid (the intention was to achieve one billion euros, which has been achieved) and the capital ratio (the prediction of a 12% Common Equity Tier 1 has been reached).
In the financial margin, the goal was to reach 3 billion, the banco Sabadell has reached 3.8 billion but, excluding the purchase of the british TSB, the only value stood at 2.8 billion. Was for full compliance.
In the case of the benefits, that came to the 710,4 million in 2016, there were factors to prevent the proposed target of a billion euros. Extraordinary effects: the BCP appears as one of them, next to a circular from the Bank of Spain related to provisions and also to the effects of the decision of the European Court of Justice, which require the return of the interest charged in excess of the credits to housing.
In the document released on Tuesday, does not give explanations about this event. In the results presented at the end of January, the Banco Sabadell has insisted that the transfer of the position of 4.08% in the BCP did not have an impact, "relevant". The sale of more than 44 million shares of the bank directed by Nuno Loved to 1.15 euros it was a less-value of 8.3 million euros (gross). The Sabadell has not maintained the position in the capital increase that the BCP is to carry out or increased your position: the option was the same to stay with a starting residual.
The extraordinary effect in the cause is the loss of to 92.3 million euros, constituted this year, before the sale, to reflect the deterioration of the listing of the shares of BCP.
With the sale of the position, and to the contrary of what happened in 2014, the BCP is no longer listed to demonstrate the international force of Sabadell in the strategic plan to start in 2017, "a year of transition," according to the document.
the conclusion of The integration of the TSB, the protection of margins and cost containment in Spain and the United Kingdom are priority aspects for the present year, in which joins also the reduction of assets that are not performing, as the credit malparado and real estate.
After the presentation of the plan, the shares of Sabadell are rising by 1.34% for 1,441 euros.
(Why?)
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