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Spain's Sabadell says targets 1 bln profit in 2016

Source: Reuters - Tue 11th Feb 2014
Spain's Sabadell says targets 1 bln profit in 2016

Spain's Banco Sabadell said on Tuesday it expects profit to quadruple to 1 Bln in 2016 with a new business plan.

In a presentation, Sabadell also said it expected credit to rise an accumulated 1% between 2013 and 2016, adding that it is targeting a 'fully-loaded' Basel III capital ratio of 11.2% in 2016.

Sabadell posted a net profit of 248 Mln in 2013, boosted by lower provisions against losses on real estate assets, which had gutted earnings in 2012.