MADRID, April 28 Spain's Banco Sabadell
on Friday posted a 14 percent fall in first-quarter
net profit due to higher loan loss provisions.
Spain's fifth largest bank recorded net profit for the first
three months of the year of 216 million euros ($235.05 million),
above the average of analysts' forecasts in a Reuters poll of
203 million euros.
Sabadell, which makes around a quarter of its profits in
Britain after it bought lender TSB in 2015, booked provisions of
511 million euros in the first quarter, compared to 435 million
euros in the same period a year ago.
Net interest income, a measure of earnings on loans minus
deposit costs, was 962 million euros, down 1.2 percent from a
year ago, mirroring pressure on margins experienced by other
Spanish banks such as BBVA
Analysts had expected NII to come in at about 954 million
Sabadell said in February it expected a return to profit
growth in 2017 after earnings stalled last year.
($1 = 0.9194 euros)
(Reporting By Jesús Aguado and Angus Berwick)