Sabadell 1Q18 results preview: Still penalised to IT payments to LLoyds
Net profit to amount to €205mn
Sabadell will release its 1Q18 results on Thursday, April 26th. A webcast will be held at 8.30 CET in the following link: https://www.grupbancsabadell.com/en/.
We estimate that the net group profit may amount to €205mn (–5.0% yoy), 3.4% below the consensus figure. Net interest income may decline –5.2% yoy, to €912mn, fees may increase +2.6%, to €304mn and ordinary revenue would fall –17.7%, to €1.3bn, mainly due to lower trading gains. Costs may increase +0.9%, to €795mn leading to a pre–provision profit of €522mn (–35.7%), fully in line with the consensus figure. Cost of risk is estimated at approximately 0.6%, following the bank’s guidance. All in, profit before taxes may decline –3.4%, to €292mn and net group profit would fall –5.0%, to €205mn.
Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.
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