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Spain's Sabadell beats with 75 percent profit jump in first quarter

Published 24/04/2015, 07:11
© Reuters. Spain's Sabadell beats with 75 percent profit jump in first quarter
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MADRID, April 24 (Reuters) - Spain's Banco Sabadell (MC:SABE) on Friday reported a 75 percent jump in first quarter net profit from a year earlier, beating forecasts on improved lending income and as charges on soured debts fell.

Profit at Sabadell, which is closing in on a 1.7 billion pound takeover of Britain's (L:TSB), rose to 142 million euros (102 million pounds), including payments to Spain's deposit guarantee fund. That compared to 138 million euros predicted in a Reuters poll.

Without those payments, profits would have more than doubled to 175 million euros, the bank said. Its net interest income, or earnings on loans minus deposit costs, rose to 643 million euros, also above forecasts.

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