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Diari de Catalunya

Banco Sabadell's Profits Decline 29.1% by March

The financial institution reports 347 million euros in earnings, affected by non-recurring costs such as the early retirement plan.

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IA

Generic image of euro coins and banknotes on a desk, with a blurred financial graph in the background.

Banco Sabadell has announced profits of 347 million euros by March, representing a 29.1% decrease compared to the same period last year, according to data from the Comisión Nacional del Mercado de Valores (CNMV).

This reduction in earnings is primarily attributed to the impact of non-recurring costs. Among these, 55 million euros were allocated to the new early retirement plan. The entity anticipates that this measure will generate annual gross savings of 40 million euros starting from 2027.
Banco Sabadell's interest margin also experienced a 3.5% decrease, settling at 872 million euros. Commissions reached 315 million, with a 2.2% decline. Overall, banking business revenues totaled 1.187 million euros, down 3.1%.
The entity's total costs amounted to 624 million euros, including the 55 million from the early retirement plan accounted for in the first quarter. This plan, implemented in Spain, will incur a total expense of 90 million euros throughout the year. Additionally, provisions increased by 4.6% in the first quarter due to higher credit allocations.
Banco Sabadell's RoTE profitability stands at 14.1%, while CET1 fully-loaded reaches 13.2%. The efficiency ratio, excluding TSB and with amortizations, is 52.2%, and the total cost of risk is 38 basis points.
These results are presented shortly after the completion of the sale of its British subsidiary, TSB, to Banco Santander. The operation, closed for 3.300 million euros, is expected to generate 400 basis points of capital for Sabadell. The entity will pay an extraordinary dividend of 50 cents per share on May 29, linked to this transaction, and has confirmed it will maintain shareholder remuneration this year and next.
During its last quarter as part of the group, TSB contributed 63 million euros, 33.4% less than in the same period of the previous year. Excluding the British bank, the Sabadell group would have achieved a profit of 284 million euros in the quarter, representing a year-on-year decrease of 28.1%.

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