Banco Sabadell’s net profit 50% up in 2014
Spain’s Banco Sabadell posted net attributable profit of €371.7m in 2014, 50% more than in 2013.
The result, achieved after booking €2,499.7m in provisions, exceeded both market consensus expectations by the market consensus and the first-year target in its Triple Plan.
Net interest income increased by 24.5%, the gross margin expanded by 20.7%, and profit before provisions was 33.3% higher than in 2013.
“Consolidated data for the year reflects a sound balance sheet and confirms that Banco Sabadell is growing steadily, based on the consistent improvements in ordinary banking revenues and rigorous containment of operating costs,” the Spanish bank said.
“After vindicating its strategy to consolidate and strengthen capital ratios in 2014, Banco Sabadell completed the first year of its Triple Plan well-positioned among the most solvent banks, with higher shares of priority market segments, better brand recognition, and a clear focus on meeting the triple challenge of increasing profitability, transforming the balance sheet and laying the foundation for internationalisation in 2014-2016.”