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Banco Sabadell Q3 profit rises YOY as NPL provisions fall

Spain's Banco de Sabadell SA booked a yearly increase in third-quarter profit as it saw a drop in provisions for nonperforming loans to €124 million from €203 million a year earlier.

The bank reported third-quarter attributable group net profit of €251 million, up from €127 million a year earlier. Excluding TSB, the Spanish lender's attributable net profit came in at €258 million, compared to €150 million in the third quarter of 2018.

Group net interest income for the quarter declined on a yearly basis to €906 million from €933 million, while net fees and commissions rose to €361 million from €341 million.

Provisions for nonperforming loans dropped year over year to €124 million from €203 million. Other impairments amounted to €68 million in the quarter, up from €64 million a year ago.

For the nine months ended Sept. 30, attributable group net profit totaled €783 million, up from €248 million in the same period in 2018. EPS amounted to 15 cents, compared to 4 cents a year earlier. Excluding TSB, attributable net profit amounted to €788 million, up from €468 million.

Return on equity for the first nine months was 6.92%, up from the year-ago 1.97%.

The group's NPL ratio stood at 4.08% at September-end, compared to 4.50% a year earlier, while its NPL coverage ratio declined on a yearly basis to 51.1% from 57.4%.

As of Sept. 30, Sabadell's phased-in common equity Tier 1 ratio remained flat year over year at 12.1%. The fully loaded CET1 ratio was 11.4% at the end of September, up from 11.2% at June-end and 11.0% a year ago. The bank noted it was on track to meet its full-year fully loaded CET1 target of 11.6% or higher.

Sabadell's board of directors approved an interim dividend of 2 cents per share, which will be paid Dec. 24, unchanged from the interim dividend in the previous year.

Meanwhile, Sabadell said the transfer of roughly €1 billion of consumer loans into securitization vehicle Sabadell Consumo 1 will generate a capital gain of €88 million, as well as a positive impact of about 14 basis points on the bank's fully loaded CET1 ratio.