April 19, 2021

Results Sabadell 2018

Results Sabadell 2018

The British adventure of the definitive integration of TSB bank has taken its toll on Sabadell in 2018. Profits fell by 54.2% and stood at 328.1 million euros, after absorbing the impact of the million-dollar cost of «migration and post-migration »Technology of the British entity. Without that setback, the bank would have gained 9% more. Josep Oliú, president of the Sababell, tries to put a good face on the evil in time or see the glass half full: "It has lost a year of growth TSB, but it has not lost a year of balance", he defends, although he recognizes that « we thought that TSB was going to be a military walk and it has been a battle ».

The Sabadell group yesterday presented its results for the 2018 financial year, at the same time as BBVA and CaixaBank. Those responsible for Sabadell were warned that this coincidence could arouse suspicion and that there would be someone who would interpret that they intended to go unnoticed. The bank's explanation alleges that the Board of Directors that approves the results was set at the time of January 30, that the regulations oblige to publish the data the next day, and that the coincidence is coincidental. Whether it is or not, the markets were attentive to the results of Sabadell and did not like it. In a "black Friday" session for banks – with the exception of BBVA – the shares of Sabadell suffered a spectacular collapse of 9.09% and closed with a price below "one euro", at 0.9086 euros , the minimum since 2012, in the hardest moments of the crisis, when they came to quote at 0.88 euros. There are no mysteries. The own Sabadell has recognized that although "the contribution of the TSB is going to be limited but positive", also it has had to advance that that will force him to revise to the downside his strategic plan. That is, it will affect the expected benefits of 2019 of an entity that, according to its president, "has no intention of carrying out any operation to grow inorganically in the coming years", a way of discarding plans that imply Bankia, as They have indicated frequent rumors. That is to say, in theory, it discards acquisitions or mergers in which Sabadell is involved, although, of course, a banker never fails to take advantage of an opportunity if it arises.

Josep Oliu also hopes that the scandal over the alleged warnings of ex-commissioner Villarejo for BBVA will be resolved as soon as possible to limit the reputational crisis that is spreading throughout the sector. "The problem," he pointed out, "is that people think that banks are all the same." However, Oliú argues that BBVA is "a great bank".


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