Of Special Interest
27th January 2012
Banco Sabadell profit down but is good result
Banco Sabadell reported a full year net profit of €231.9m (£192.9m $300.1m ¥23,422m Y1,895), DOWN 39%. Given that the bank had year ago profit from the sale of assets equalling €290m greater and that the bank received a year ago tax rebate of €81.4m versus a tax bill of €48.4m this year the result was in fact a strong performance. Pre-tax pre-impairments profit was up 8.3% and up 8.0% after loan loss provisions. NPL was 5.95% against a sector average of 7.5%.
Banco Sabadell reports a 43% increase in new personal customers and a 40% increase in the case of companies during 2011. The bank has 2.7m customers and reports high customer satisfaction levels.