|Bid||0.9978 x 0|
|Ask||0.9990 x 0|
|Day's Range||0.9756 - 1.0015|
|52 Week Range||0.7140 - 1.1500|
|Beta (3Y Monthly)||1.44|
|PE Ratio (TTM)||6.80|
|Earnings Date||Jan 30, 2020 - Feb 3, 2020|
|Forward Dividend & Yield||0.03 (3.03%)|
|1y Target Est||1.85|
(Bloomberg) -- Banco de Sabadell SA eased concerns about its capital levels that surfaced earlier this year as a key measure of financial strength rapidly improved.The bank’s CET1 capital ratio climbed by 21 basis points in the third quarter and then jumped by a further 40 points this month, Sabadell said on Friday. The gain, mainly the result of asset sales, should ease concerns that Sabadell may need to raise capital after a poorly-managed IT platform migration at its U.K. unit TSB saddled it with unexpected costs last year.Sabadell’s shares have rallied in recent months after the lender made a series of moves to alleviate investor anxiety, including the sale of its land developer SDIN Residencial to Oaktree Capital Group. A stronger capital cushion may also strengthen its hand as speculation mounts that Spain’s smaller lenders will need to consolidate as Europe’s negative interest rates erode profitability.Sabadell rose by as much as 3.6% in Madrid trading and was up 1.2% at 1.025 euros as of 9:44 a.m. The shares have rallied by 14% in the month through yesterday. Still, the bank underscored its tight capital position by paying its dividend in treasury shares and cash, a shift from its previous cash policy.Sabadell in July cut its forecast for net interest income, saying it will now fall by as much as 1% this year after previously forecasting an increase of 1% to 2%. Spain’s retail banks are feeling the pinch from the extension of the European Central Bank’s monetary policy, which has already seen Europe’s banks contend with negative rates for half a decade.The lender last year was hit by costs originating from an error-strewn migration of its IT platform at its U.K. unit, TSB Bank Group Plc. The subsidiary’s new chief executive officer, Debbie Crosbie, is expected to announce restructuring plans for TSB next month.Here are some highlights from Sabadell’s third-quarter earnings report:Net income rose 98% to 251 million euros, beating the analyst consensus of 241.5 million eurosThe bank’s fully-loaded CET1 ratio rose 21 basis points to 11.4% in the third quarter; its pro-forma CET1 ratio was 11.8% as of Oct. 25Net interest income of 906 million euros beat the consensus of 896.8 million euros; commissions also beat the 356 million-euro estimate of forecastsThe bank will pay a dividend in stock of 0.02 euros per share payable on Dec. 24(Updates with share price in fourth paragraph.)To contact the reporter on this story: Charlie Devereux in Madrid at email@example.comTo contact the editors responsible for this story: Dale Crofts at firstname.lastname@example.org, Ross Larsen, Charles PentyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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European stocks rallied on Thursday as investors snapped up battered shares of eurozone banks after the U.S. Federal Reserve toned down expectations of further interest rate cuts. Shares of Italian and Spanish banks including Bankia SA , UBI Banca and Banco Sabadell were among the top gainers on the STOXX 600 after the Fed cut rates as expected on Wednesday, but signalled there would be a higher bar to further cut in borrowing costs. European banks, along with sectors such as miners and automakers, have gained in the recent weeks as investors rotated into cyclical sectors due to signs of easing U.S.-China trade tensions and assurances of support from major central banks.
A rally in banking shares and other recently battered sectors such as oil and gas and automakers kept the mood buoyant in European stock markets on Tuesday, as investors speculated over policy measures by the European Central Bank later this week. The pan-European STOXX 600 index, after opening in the red, closed 0.1% higher as the banking index climbed for a fifth session, its best five-day rally since April 2017. Oil and gas, basic resources and automakers - among the worst-hit sectors this year on worries over the U.S.-China trade war, Brexit and a global slowdown - gained between 0.2% and 2%.
European shares fell on Thursday as mixed readings of business growth across major economies and uncertainty over the U.S. interest rate outlook made investors nervous, while a jump in the pound dented London stocks. The latest data showed business growth in the euro zone recovering marginally in August but factory activity shrinking in both Japan and the United States, raising questions about the health of the global economy. The pan-European STOXX 600 index ended 0.4% lower, with euro zone equities down 0.6%.
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British lender TSB is cutting 124 jobs as part of a restructuring at its head office, according to an email sent to bank staff by its employee union seen by Reuters on Thursday. The restructuring will impact 366 people resulting in the net loss of 124 jobs, the email from Accord union executive Linda Crouch said.
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Retail bank TSB needs to turnaround its business and cut costs before becoming a candidate for a sale or to take part in any consolidation in Britain, the chairman of parent Banco Sabadell said on Wednesday. Sabadell bought TSB for £1.7 billion in 2015 to expand into Britain and challenge incumbent retail banks. TSB has also been hit by an IT glitch forcing the bank to hire 2,100 staff to help fix the problems which left customers locked out of their online accounts for weeks.
The incoming chief executive of Britain's TSB will work on a plan to slash costs at the loss-making bank owned by Spain's Banco Sabadell, including potential staff cuts and relocations, a banking source said. Debbie Crosbie, who is expected to take over at TSB in just over a month, will work on a new strategy as it tries to regain confidence after a botched switch to a new IT platform. TSB, which was bought by Sabadell in 2015, has had to hire more than 2,100 staff to help fix IT problems which left customers locked out of their online accounts for weeks.
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