Banco Sabadell pushes AUM 67.7% up yoy

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As of 31 March 2015, Spain’s Banco Sabadell attributable net profit amounted to €174.6m, 115.2% more than in the same period last year.

The result was obtained after allocating €906.5m to provisions for NPLs, the securities and real estate portfolio, and other contingencies, the bank said.

Q1 2015 was marked by the outstanding performance of customer funds, stronger demand for loans (especially among SMEs), and a faster pace of reduction in the portfolio of problem assets; Banco Sabadell also launched a takeover bid for UK bank TSB and a rights issue for €1,600m.

At the same time, customer funds increased by 6.2% in the first quarter. Customer funds on the balance sheet expanded by 0.2% year-on-year to 94,899.0 million euro.

The balances of assets under management also increased considerably, to €3,791.3m (+67.7% y/y).

Total funds under management amounted to €156,128.4m as of 31 March 2015, i.e. 3.9% more than the balance of 150,200.5 million euro as of 31 March 2014.

Dividends received and results from equity-accounted affiliates together increased considerably in year-on-year terms to 10.4 million euro in the first quarter of 2015. Those revenues are due mainly to the insurance and pension fund business.

Talking about the takeover bid for TSB Banking Group, the Board of Directors of Banco Sabadell approved unanimously the presentation of a tender offer for TSB Banking Group plc, the sixth-largest banking group in the UK, which was formalised on 17 April.

The price of the offer was 340 pence per share, valuing the entire capital of TSB at approximately £1,700m The bid has the support of the Board of Directors of TSB, which recommended that its shareholders accept it as it considered it in the best interests of their customers and employees.


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