October 27, 2017 / 5:28 AM / in a year

Spain's Sabadell Q3 net profit falls 8.3 pct

MADRID, Oct 27 (Reuters) - Spain’s Banco Sabadell on Friday posted a 8.3 percent decline in third quarter net profit on lower lending income due to ultra-low rates.

Net profit in the quarter was 203.2 million euros ($237.2 million), below analysts’ forecasts in the Reuters poll of 207 million euros.

Sabadell, Spain’s fifth largest bank, said its net interest income, or profit from loans minus funding costs, fell 0.8 percent in the quarter to 940.9 million euros, slightly above analysts’ forecasts in the Reuters poll of 938 million euros.

Banco Sabadell said on Friday it would maintain its net profit target of 800 million euros by the end of the year.

Spanish banks’ reporting season is being partially overshadowed by Catalonia’s independence drive and its potential fallout on financial markets. ($1 = 0.8565 euros) (Reporting By Jesús Aguado; Editing by Paul Day)

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