Sabadell Bank first quarter of 2022 213 million net attributable profit almost triple the previous year due to lower costs and improvement in all margins.
Excluding TSB (the British subsidiary of the Catalan group), net attributable profit was up 2.7 times to €194m at the end of the first quarter, the bank reported to the National Securities Commission (CNMV) this Thursday. .
The financial institution has increased its ‘full’ CET1 capital ratio to 12.45% at the end of March 2022, with the LCR (Liquidity Coverage Ratio) standing at 235% at the group level in terms of liquidity.
The business achieved a 6.5% ROTE, above the forecast in the strategic plan, which is expected to reach 6% in 2023.
This banking business income –Interest margin and net commissions– grew by 3.6% year-on-yearIt rose to 1.217 million, down 3.5% from the previous quarter, while net interest income was 858 million, up 3% year-on-year, largely driven by volume growth.
Net commissions rose 5% from March 2021 to 359 million due to “good behavior from service and asset management commissions”, while decreased 9.7% in the quarter due to the favorable seasonality of last year’s fourth quarter. .
Total fee While it decreased to 726 million at the end of March, While it was 5.6% less than the previous year, mainly due to savings in personnel expenses, it decreased by 4.3% in a quarterly comparison, with estimated savings of 110 million in 2022, with a larger reduction expected in the coming quarters and annually from 2023. 130.
investment loan
Banco Sabadell’s outstanding loan first quarter 154,672 million (1,110,378 million Ex TSB); most Investment growth 3.1% annually mainly due to the increase in the mortgage portfolio, which was driven by the growth in TSB.
This mortgaged production Spain reached 1.261 million In the quarter, consumer loans increased by 11% year-on-year to 371 million euros.
Mutual funds reached 23,848 million with an increase of 6% compared to the previous year, 4,793 million with an annual increase of 27% in card billing, and 9,500 million Euros with an increase of 36% in POS billing. .
customer resources
At the end of March, the total of client funds in the balance 161.316 million euros (119.118 million Ex-TSB) and offers an annual growth of 4.9% (5.7% Ex TSB) — down 0.4% this quarter, driven by maturities of retail issuances.
Current account balances were up 8.2% YoY (9.7% from TSB) and slightly down 0.5% (0.3% from TSB) in the quarter to €146,520 million (106,279 million Ex TSB) reached.
Total off-balance sheet client funds reached €40,624 million at the end of March, up 2.9% year on year, and the group’s total assets stood at 253,256 million (200.441 million Ex TSB), representing 3.4% year-on-year growth. 0.5% annually and quarterly.
default rate
Troubled assets at the end of March Show a balance of 7,508 million euros (6,210 million doubtful assets and 1,299 million foreclosed assets), the coverage of troubled assets is 53% and the coverage of foreclosed assets is 38%.
The Group’s NPL ratio was 3.66% and cost of risk decreased by 41 basis points at the end of March 2022, an improvement of 8 basis points compared to the previous quarter and 28 basis points compared to the previous quarter, on an annual basis.
TSB, approximately 25 million profits
TSB has registered 21 million lira net profit –about 25 million euros– positive contribution to the group’s accounts for the fifth consecutive quarter, in this case 19 million euro, compared to 2 million at the end of March this year and in the first quarter of 2021.
Interest margin was £226m – around €269m – up 10.1% year-on-year due to “strong growth in mortgage volumes over the year”, while net commissions were £25m –approximately 29.7m, up 9.7% year-on-year euro– and costs were down 7.9% year-on-year to £189m –about 225m–.
TSB’s board of directors appointed Robin Bulloch as CEO, who has been in charge of the organization on an interim basis since December last year.