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Banc Sabadell had a net profit of €231.9 million in 2011

The Catalan bank Banc Sabadell’s profits experienced a 39% fall when compared to its 2010 results. However, the entity strengthened its balance sheet thanks to an increase in the core capital ratio, which added up to 10.3%. Despite the persistent instability of the financial markets, Banc Sabadell expanded its market share and its products and services reached 2.7 million customers.

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31 January 2012 11:08 PM

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ACN

Barcelona (ACN).- Catalan Banc Sabadell obtained a net profit of \u20AC231.9 million euros in 2011, according to figures published by the company, after allocating new provisions for \u20AC1.048 billion to strengthen its core capital. Banc Sabadell\u2019s net profit for 2011 is 39% lower than what the entity achieved in 2010. Active capital management carried out during 2011 by Spain\u2019s fifth largest banking group placed core capital at 10.3% (8.2% in 2010). Net interest income rose 5.4% last year and the margin before provisions grew by 8.3%, which exceeded the market consensus. The strong organic growth allowed Banc Sabadell to gain market share in all its products and now has 2.7 million clients after adding 342,000 new clients in 2011.


In 2011, and coinciding with the entity\u2019s 130th anniversary, Banc Sabadell had a net attributable profit of \u20AC231.9 million (39% lower than in 2010). Despite the current adverse economic environment, Banc Sabadell stated that it met its objectives in 2011 and consolidated results in line with expectations. According to Banc Sabadell, the bank\u2019s positive position was achieved thanks to a combination of key factors that include dynamic asset management, an excellent top line performance, strong growth in business volumes and an increase in supplementary provisions using extraordinary revenue.

Focusing on the balance sheet

Banc Sabadell took measures to continue strengthening its balance sheet. For instance, the results of active capital management improved the entity\u2019s capital ratios and set its core capital at 10.3%. At the end of 2011, Banc Sabadell\u2019s total assets exceeded \u20AC100 billion for the first time, an improvement of 3.4% year-on-year.

Gross loans to customers reached \u20AC73.635 billion, a 0.8% increase compared to 2010. Personal loans rose too, by almost \u20AC2 billion. The entity also enlarged its business in Spain when it decided to buy Caja de Ahorros del Mediterráneo (CAM) in December.

An increase of Banc Sabadell\u2019s services and clients

In 2011, the Catalan financial company increased its number of new customers by 43%, in the case of private individuals (which in numbers would be 286,560), and by 40%, when talking about companies (55,536 more). At the end of last year, Banc Sabadell\u2019s products and services had reached 2.7 million clients.

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  • Banc Sabadell's offices in Barcelona (by Banc Sabadell / ACN)

  • Banc Sabadell's offices in Barcelona (by Banc Sabadell / ACN)