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Spain's Sabadell reports 161 mlns Q4 net profit helped by TSB

Europe Materials 27 January 2022 11:06
Spain's Sabadell reports 161 mlns Q4 net profit helped by TSB

Spain's Banco Sabadell announced on Thursday a net profit of 161 million euros ($181.6 million) in the fourth quarter from a loss of 201 million euros in the same period a year ago thanks to its British unit TSB's solid performance, Trend reports with reference to Reuters.

Analysts polled by Reuters expected a net profit of 34 million euros.

The lender said quarterly results were boosted by a 56% year-on-year rise in new mortgage signings in Britain to a record figure of almost 2.17 billion pounds.

Lower impairments for the whole year led the bank to post a 530 milion euros net profit in 2021, way more than the 2 million euros booked in 2020. Analysts expected a 403 million net profit for the full 2021.

This allowed the bank the bank to close the year with a return on tangible equity (ROTE), a measure of profitability, of 5.05% compared to 0.02% in 2020. It now expects a ROTE of more than 6% in 2022, one year earlier than initially targeted in its strategic plan.

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