Sabadell Bank Recorded a net profit of 709 million from January to SeptemberAs reported to the National Securities Market Commission (CNMV) this Thursday, the .
Without taking into account TSB, the British subsidiary of the Catalan group, net attributable profit in these nine months 616 million eurothis is more than double the figure in 2021, when it was 288 million euros.
this Income banking business -Interest margin plus net commissions- 3,840 million euros, up 5.7% year on year, and the business achieves an 8% return on material capital (ROTE) above the strategic plan’s target.
The interest margin increased by 6.2% compared to the previous year and reached 2,722 million.commissions rose 4.5% to 1.118 million, while total costs rose 15.2% year-on-year to 2,162 million at the end of the quarter.
The bank announced that recurring costs decreased by 3.8% year-on-year due to the reduction in overheads as well as the savings in personnel expenses, especially after the efficiency plans in Spain.
Mortgage and loan
The business’s outstanding loan closed September with a balance of 156,675 million (from 113,818 million Ex TSB) and investment growth was 2.9% annually driven by “good dynamics across all geographies”.
Mortgage production in Spain reaches 1.472 million eurosRepresenting an annual increase of 7%, new consumer loans increased by 18% year on year to 439 million euros.
New production of cards and POS terminals represents a “historical record” for the business as card billing increased 17% year-on-year to 5,826 million and POS billing increased 33% to 13,604 million over the same period.
customer resources
On-balance sheet client funds totaled €163,247 million at the end of September (123,084 million TSB Ex) and an annual growth of 3.4% (5.7% TSB Ex) due to the evolution of demand accounts and time deposits.
Time deposit balances reached EUR 147,664 million (109,315 million from TSB), up 3.8% year-on-year (from TSB 109,315 million) and time deposits increased by 0.9% (from TSB 14,091 million). TSB).
Off-balance sheet client funds totaled €38,049 million, representing a decline of 8.7% year-on-year and 2.0% quarter-on-quarter mainly due to mutual funds affected by market volatility.
Actually, total investment funds 22,024 million10% annual reduction due to volatility in financial markets
The group’s total assets amounted to €260,407 million (207,677 million Ex TSB); this represents a year-on-year growth of 4.2% (3.2% from TSB) and 1.2% (1.3% from TSB) in the quarter.
Liquidity and capital
At the end of September, the ‘progressive’ CET1 ratio was 12.65%, 4 basis points compared to the previous quarter, and the full CET1 ratio was 12.52%, up 4 basis points in the quarter, and Total in-phase capital ratio amounts to 17.08% at the end of the quarter. rose to .
As for liquidity management, the LCR (Liquidity Coverage Ratio) reached 217% at the group level and problem assets totaled €7,039 million at the end of September, of which 5,830 million were bad loans and 1,209 million were foreclosed assets.
The coverage of non-performing assets with total provisions is 52.3%, the coverage of doubtful loans and total provisions is 55.1%, and for foreclosed assets 38.9%.
NPL conversion rate at the end of September 3.40%Compared to 3.59% in the same month of the previous year, the cost of credit risk decreased by 12 basis points to 39 basis points at the end of the third quarter of 2022 compared to the same month of the previous year.
TSB is contributing to the group’s results with 93 million euros to September, compared to 82 million in 2021, after posting a net profit of 103 million lira with a growth in the core margin.
The British bank increased its recurring profit margin by 81 percent from 27 percent in the previous quarter, and its net interest income reached 718 million liras at the end of September, increasing by 5 percent. 11.7% annualized due to strong growth in mortgage volumes.