Banco Sabadell recorded the highest profit in its history and exceeded 1 billion euros by the end of the year. In particular, at the end of September the company earned 1.028 million euros, which is almost 45% more than in the previous year. Cesar Gonzalez-Bueno, CEO of Banco Sabadell, is optimistic about the full year as well as 2024, but admits that profit growth “will not be that great in the future.”

Gonzalez-Bueno noted during the earnings call that they expect earnings to continue to grow, but “It does not seem predictable that these amounts will be sustainable over time.”.

This growth makes the forecast they had for the full year obsolete, and with a ROTE of 11.5%, the overall profit figure is expected to be around €1,300 million. “Although the fourth quarter’s profit is lower than other quarters, due to contributions to the Deposit Guarantee Fund or RFS.”noted Leopoldo Alvear, financial director of Banco Sabadell,

This figure, if confirmed, would surpass the business’s best year ever, which was 2006, with annual profits of just over €900 million. However, Leopoldo Alvear clarifies that these are not the same perimeters.

The CEO of Banco Sabadell recalled that the bank is in a very difficult transition process, which allowed it to move from negative rates in the eurozone to the highest since 2008. today the company presents it as digitalization and cost control. Banco Sabadell recalled that the company still does not cover the cost of capital.

They rule out a merger with Unicaja

On the other hand, González-Bueno assured that the company is not considering the possibility of any corporate activity, be it in Spain or abroad, and emphasized regarding the hypothetical interest in purchasing Unicaja that “There is nothing on the table, absolutely nothing.”. González-Bueno assured: “We have no vocation or intention to make purchases or sales, either here in Spain or abroad.”

In fact, Gonzalez-Bueno commented on this “Everyone is very happy with their perimeter. “There is no supply or demand.”, and for this reason he predicted “stability in the structure of Spain’s financial structures.” As such, it has also once again ruled out considering a hypothetical sale of TSB, its UK subsidiary.

“One of the great successes of our strategy was that we were not going to be distracted by anything, but focused on our perimeter and ensured stability,” he assured, emphasizing that the organization is focused on its organic growth.

CEO He also did not want to comment on the bank tax. which could be maintained over time, as envisaged in the agreement to form a coalition government between PSOE and Sumar.

He also indicated that the company plans to restart its retail banking business in Mexico “beginning in 2024” after ceasing it in 2022. euro until September.