Banco Sabadell reaches a business volume in the southern zone of 19 billion.

Banco Sabadell ended 2023 with a profit of 1.332 million euros, 55.1% more than in 2022, due to an increase in interest margins and a reduction in provisions “due to the improvement in the credit quality of the enterprise.” The bank explained yesterday that these factors “compensate for a decrease in the collection of commissions from clients and an increase in tax revenues.”

The Board of Directors approved the payment of an additional dividend of EUR 0.03 per share and a share repurchase of EUR 340 million, bringing the total remuneration to shareholders for the year as a whole to EUR 666 million, an increase of 55% compared to last year. .

The bank explained that it raised Rote’s margin to 11.5% and CET1 capital to 13.21%, a level it plans to maintain this year.

The bank’s CEO, César González-Bueno, assured that these results are “a consequence of the deep transformation undertaken in recent years.” For his part, CFO Leopoldo Alvear noted improved profitability and a strengthened balance sheet “while reducing distressed assets and increasing coverage.”

Regarding the data from the southern territorial zone, which includes Andalusia, the volume of business approaches 19,000 million euros, with this year marked by lower investment interest from clients due to market uncertainty, representing a slight decrease in inter-annual terms; and increased household and corporate savings, recording resource growth of 1.3% year on year.

The customer base in the southern zone has grown by 62,000 customers, with 52% doing so digitally through the Sabadell online account. According to the bank, almost 11,000 new clients are self-employed and entrepreneurs.