Banc Sabadell bank profits reach 50.4% in first quarter of 2024

Bank Banc Sabadell's profits reached 50.5%, earning €308 million during the first quarter of 2024, according to a report published on Thursday by the Spanish stock market regulator (CNMV). 

Their interest margin saw an increase of 11.9%, reaching €1.2 billion. They also earned €340 million in commissions, a decrease of 3.1%. 

Due to those figures, the banking business saw their income increase of 8.3% in the last three months, making their total income €1.5 billion. That's an increase of 1.3% in comparison to the previous quarter. 

Sabadell has paid €192 million in taxes and closed the quarter with total costs of €751 million. 

Their British subsidiary, TSB, obtained individual profits of €38 million in the first quarter, 30.7% less than a year ago. They contributed €46 million to the bank's results. 

Money transactions 

The bank closed the quarter with more than €150 million in new consumer credit, an annual decrease of 1.2%. Financing to companies has reached almost €3.9 billion, which is an increase of 48% in comparison to last year. 

20% more mortgages were granted in comparison to the previous quarter, but it's an 11% decrease annually, resulting in a total of €908 million. 

Granted credits to consumers grew by 13%, reaching €552 million, while card billings have also increased by 7%, reaching €5.7 billion. 

Point-of-sale operations grew by 11%, worth almost €12.5 billion. 

Sabadell's recorded a total of 403 million different transactions within the first quarter of 2024, that's an increase of 13%. 

Buying back shares 

Banc Sabadell also announced that they have started the buyback of their shares for a maximum value of €340 million euros on Thursday.  

They aim to pay off 4% of the bank's capital gradually, in the hopes of achieving a 4% increase in profit per share.