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article_detail
Date Published: 26/01/2023
ARCHIVED - Sabadell bank wraps up 2022 with 61.9 per cent profit
The number of mortgages and other personal loans skyrocketed in Spain last year
While most ordinary people struggled through last year, often finding that there was too much month at the end of the money, Banco Sabadell had no such issues and closed out the financial year with a net profit of 859 million euros, 61.9% more than in 2021.
The bank has been roundly criticised for closing physical branches all over Spain, a move which allowed the company to cut recurring costs last year by 3.5%, but customers are still flocking to the financial institution, increasing its net commissions by 8.1% and its interest margin by 10.9% year-on-year.
Sabadell’s CEO, César González-Bueno, released a statement on Thursday January 26 claiming that "all the business units have increased their profitability throughout the year" and that 2023 is going to be equally profitable thanks to the strength of its business model and customer trust and loyalty.
In addition to profits, the bank’s risk profile has also improved, with non-performing loans dropping by 25 points and its total costs fell by an impressive 12.8%.
Despite uncertainty in the housing market and the volatility of interest rates, Sabadell’s mortgage portfolio last year reached 39 billion, up 1.4% on 2021, while general consumer credit increased to 1.683 billion euros.
This means that 14% more people borrowed from Sabadell Bank last year than in 2021, when Spain was still in the grips of the coronavirus pandemic and many businesses were closed.
On the other hand, the banking figures clearly show that commercial activity as a whole increased: card billing in the fourth quarter amounted to 5,887 million (+11%) and POS billing closed the year at 12,236 million (+23%).
Finally, Banco Sabadell's board of directors has agreed to increase the payout to 50% of the profits for the current year, compared to 31.8% in 2021.
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