Banco de Sabadell, S.A. Q3 2026 Earnings Recap

Sabadell’s shares fell 2.4% after earnings, a roughly flat market reaction. The quarter showed improving revenue and profitability, but the transcript does not identify a clear disappointment or provide enough evidence to attribute the move to a specific driver.

Key Takeaways

• Net profit was €405 million, almost 13% above the recurrent second-quarter figure; recurrent RoTE rose to 14.2% and reported RoTE was 15.5%.
• Net interest income increased 2% quarter on quarter and fees rose 3.7%; costs were broadly stable and provisions decreased 13%.
• Performing loans grew 4.4% year to date, with management reiterating its mid-single-digit growth target for the year. Total customer funds increased 2.6% year to date.
• The NPL ratio improved to 2.4%, while cost of risk remained at 40 basis points.
• Management remains on track for its 14.5% year-end RoTE target and announced an interim cash dividend of €0.07 per share, payable by year-end.