Sabadell’s Q3 net profit more than doubles buoyed by British unit TSB

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The country’s fourth-largest bank in terms of total assets reported a net profit of 149 million euros ($173 million) in the July to September period. Analysts polled by Reuters expected a net profit of 115 million euros.

However, net profit was below the 251 million euros reported in the third quarter of 2019, before the pandemic.

In Britain, TSB booked on standalone basis a net profit of 47 million pounds in the third quarter compared to a loss of 76 million pounds in the same period last year.

The group’s net interest income rose 4.3% in the third quarter compared to the same quarter a year ago to 877 million euros, above analysts’ average forecast of 856 million euros.

($1 = 0.8613 euros)