Until now, the bank had never crossed the 1 billion euro mark in a year, as its profit record was 908 million in 2006, in the middle of the real estate bubble.
Banco Sabadell ended 2023 with a profit of 1,332 million euros, a result that is the best in the history of the entity and 55.1% more than in 2022, driven by factors such as the increase in interest rates.
The bank, which published its 2023 accounts on Thursday, had never exceeded the 1 billion euro mark in a year until now, as its profit record 908 million obtained in 2006in the middle of the real estate bubble.
According to the National Securities Market Commission (CNMV), banking revenues, which are the sum of interest margin and net commissions, amounted to 6,109 million euros in 2023, up 15.5% year on year, while the gross margin amounted to 5,862 million, 13, 2% more.
The cost efficiency financial ratio on tangible capital increased to 11.5% at the end of 2023, compared to 7.8% at the end of 2022.
To 2024The bank plans to keep profitability above that 11.5% threshold and capital at a level above 13%, while expecting the interest margin to continue its upward trend.
The group ended 2023 with a total of 19,316 employees, 421 fewer than the previous year, while the branch network is 1,420 fewer than in 2022.
In this way, Sabadell joins the BBVA And Santanderwho also ended 2023 with huge profits.
Source: EITB
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