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Spain's Sabadell 9-mo net profit beats forecasts

Source: Reuters - Thu 21st Oct 2010

Spanish bank Sabadell reported forecast-beating nine-month net profit of 340.3 million euros ($474 million) on Thursday, down nearly a third on the year-ago period as it set aside provisions against bad loans.

The bank added 814 million euros in provisions in the first nine months of the year, up 40 percent on the same period last year.

A Reuters poll of analysts had forecast net profit of 312.4 million euros.

Barcelona-based Sabadell, which is merging with smaller rival Guipuzcoano, reported net interest income for the first nine months of the year of 1.126 billion euros, in line with forecasts and down 7 percent on last year as lower interest rates affected the profitability of its mortgage portfolio.

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