Banco Sabadell has fired 58.6% interannual its benefit in the first quarter, up to 489 million euros, exceeding analysts. The entity has raised its Dividend estimate For this year, in addition to increasing the business flow, in the middle of the BBVA Hostile OPAwhich is now in a political check for the public consultation opened by the government.
The Catalan entity has updated its projection of remuneration to the shareholder by 2025, increasing it in 100 million, up to 3.4 billion Between this year and next, within the strategy of returning excess capital above 13% to shareholders.
Sabadell has published this Thursday what could be its last results as an independent banking project if the OPA triumphs, although according to the deadlines the presentation of the second quarter could still be held before the acceptance period.
BBVA obtained the authorization of the CNMCand the Minister of Economy has 15 business days to decide whether to raise the opinion, with seven major commitments, to the Council of Ministers. During this period, the Ministry has launched a public consultation that has been interpreted in the market for the Government to collect opinions against, in order to establish new commitments in the Council of Ministers.
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While the process develops, BBVA and Sabadell have tightened competition in the financial sector, according to all bankers. Fruit of this, Sabadell has increased living credit by 5%, to 158,308 million. The new mortgage production shot 81% year -on -year in the first quarter, up to 1,645 million, although compares with a start of the past year that was rickety for banking. In companies, the new production rebuves a 1% year -on -year, to 4,510 million.
TSBthe British subsidiary of Sabadell, contributed to the group a benefit of 94 million, after almost double the profits with an increase of 96.1% thanks to the cost control, the greatest commercial dynamism and the coverage strategy on interest rates that are common in the United Kingdom, and which is favored by the evolution of the money.
Sabadell’s interest margin fell 1.3% year -on -yearto 1,216 million, while commissions revenues increased 1.3%, to 344 million. The gross margin rose by 13.6%, to 1,641 million. The bank’s costs rose by 0.9% year -on -year, to 758 million, in line with the forecast of an increase around 1% in the year.
With these results, the bank led by César González-Well has generated 29 basic points in the quarter, raising the highest quality CET1 to 13.31%above the expectations of Sabadell, according to the presentation. The delinquency ratio was reduced in a year from 3.46% to 2.67%.
