Sabadell targets profitability ratio of 16% in 2027 without TSB
Sabadell, which is trying to fend off a 13 billion euros ($15.31 billion) takeover bid by larger rival BBVA (BBVA.MC), opens new tab, said it aimed to boost profits thanks to cost controls in Spain and a 5% accumulated annual rise in overall loans over the period. This would allow it to book a net profit higher than 1.6 billion euros in 2027.
Its 2025-2027 strategy comes after agreeing to sell its British unit TSB to Santander (SAN.MC), opens new tab for 2.65 billion pounds, which still requires the approval by Sabadell shareholders.
The bank will also ask its shareholders to vote on a proposed extraordinary 2.5 billion euro cash dividend financed with the proceeds of the divestment.
Analysts see Sabadell's decision to dispose of TSB as defensive move to ward off BBVA.
In the second quarter, Sabadell said its net profit rose 0.6% to 486 million euros thanks to lower provisions, above analysts' forecasts of 444 million euros.
($1 = 0.8812 euros)
($1 = 0.7365 pounds)
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