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Spain's Banco Sabadell posts 14 pct fall in Q1 profit
April 28, 2017 / 6:14 AM / 7 months ago

Spain's Banco Sabadell posts 14 pct fall in Q1 profit

MADRID, April 28 (Reuters) - Spain’s Banco Sabadell on Friday posted a 14 percent fall in first-quarter net profit due to higher loan loss provisions.

Spain’s fifth largest bank recorded net profit for the first three months of the year of 216 million euros ($235.05 million), above the average of analysts’ forecasts in a Reuters poll of 203 million euros.

Sabadell, which makes around a quarter of its profits in Britain after it bought lender TSB in 2015, booked provisions of 511 million euros in the first quarter, compared to 435 million euros in the same period a year ago.

Net interest income, a measure of earnings on loans minus deposit costs, was 962 million euros, down 1.2 percent from a year ago, mirroring pressure on margins experienced by other Spanish banks such as BBVA

Analysts had expected NII to come in at about 954 million euros.

Sabadell said in February it expected a return to profit growth in 2017 after earnings stalled last year. ($1 = 0.9194 euros) (Reporting By Jesús Aguado and Angus Berwick)

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