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- Liva & Laia : 15th November
Spanish lender Banco Sabadell posted a 30% fall in first-half net profit, hit by heavy provisioning needs and lower one-off gains.
The mid-sized bank said on Thursday bad loans rose to 5.55% from 5.46% at end-March and the Spanish sector-wide level of 6.5% in May, as the hangover from the end of a housing boom and rising unemployment continued to take its toll.
The bank has said it expected the rate to peak by year-end.
First-half net profit fell to 164 million euros, in results that broadly met expectations in a Reuters poll.
Core capital stood at 9.27% versus 7.7% at end-March, although Sabadell was identified as one of Spain's weaker banks according to European Union-wide stress tests last week.
Spanish banks have said the tests failed to take into account generic provisions forced on them by the Bank of Spain which do not exist in other European countries.
The Spanish banking sector, particularly the hitherto unlisted savings banks, is being overhauled to try to increase solvency ratios and reassure global markets about its stability after the end of a housing bubble.