Banco Sabadell mutual funds surge in Q1

Spain’s Banco Sabadell mutual funds AUM reached €21bn by the end of Q1 2016,  which is a 13.3% increase year-on-year.

Compared to Q4 2015, however, mutual funds AUM decreased by 1.3%, according to Banco Sabadell’s latest earnings report.

The bank also said it has developed a series of digital capacities over the last three months to extend its digital services, as it launched projects such as Digital & Agile Lab, a newly formed laboratory in the corporate center in Barcelona, that serves as a platform for the development of fintech tools. Proteo Mobile was also launched, which brings account managers to customers’ homes, both individual customers and companies.

The group already has 3.4 million digital customers, 19% more than 2014, when Banco Sabadell launched a business plan for the period 2014-2016, known as “Triple Plan”.

“Since the start of the Triple Plan we have increased the number of customers who used their mobile phones to access their accounts or used the bank’s website by 41.5% and 16.5% respectively,” Banco Sabadell’s managing director Jaime Guardiola said.

The Banco Sabadell group ended the first quarter 2016 with a 44.3% increase in attributable net profit, reaching €252.0m, more than the market consensus forecast.

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