Banc Sabadell wins 971 million in the first half of the year

Banc Sabadell has obtained a net profit of 971 million euros in the first half of the year, 0.5% less than the previous year, after recording net after-tax capital gains of 322 million from the sale of TSB. The banking entity announced its results from January to June this Friday, a period marked by the sale of its British subsidiary to Banco Santander, which was closed on May 1st. According to the results published this Friday to the National Securities Market Commission (CNMV), earnings are 892 million excluding the subsidiary, and on a quarterly basis, Sabadell earned 608 million, 14.3% more.

The results of the first half of the year also incorporate another extraordinary impact, in this case negative, such as the early retirement plan in Spain. Nevertheless, the total balance of both extraordinary effects was a positive contribution of 201 million euros net to the income statement.

Without taking into account the contribution of TSB and the extraordinary impacts, the semi-annual earnings are 691 million, 14.1% less than in the same period a year ago. However, the entity also emphasizes that it has begun to grow semi-annually, by 8.4% more. For the bank, this demonstrates the dynamism of commercial activity and, in fact, the entity considers that the upward trend will continue in the coming quarters. On the other hand, the entity has stated that next week it will begin a new share buyback worth 331 million euros.

Regarding the interest margin, it stood at 1,774 million euros until June, 2% less than a year ago, with commissions at 643 million, 0.9% less. However, the entity emphasizes that the interest margin began a trend change in the second half, when it grew by 3.4% to 902 million, while commissions increased by 4% quarterly to 328 million. Thus, banking business income stood at 2,417 million euros between January and June, a decrease of 1.7%.