Sabadell’s Q3 net profit more than doubles from same period a year ago

Posted on October 27, 2022Comments Off on Sabadell’s Q3 net profit more than doubles from same period a year ago

© Reuters. FILE PHOTO: A man uses an automated teller machine at a branch of Sabadell bank in the Basque town of Guernica, Spain, October 26, 2022. REUTERS/Vincent West/File Photo

MADRID (Reuters) – Sabadell on Thursday said its third quarter net profit more than doubled on lower costs and a solid lending income in Spain supported by mortgage growth, which helped the group beat earnings’ forecasts.

Spain’s fourth-largest bank in terms of total assets reported a net profit of 317 million euros ($319.06 million) in the July to September period. Analysts polled by Reuters expected a net profit of 221 million euros.

For years, banks across Europe have been under pressure from record low interest rates, but that is beginning to change as rising rates are boosting lenders’ income.

At a group level, third-quarter net interest income rose 10% from a year earlier and 7.4% from the previous quarter to 965 million euros, compared with analysts’ forecasts of 917 million euros.

($1 = 0.9935 euros)

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