Banco de Sabadell (SAB) Q3 2026 (Media) earnings summary

Executive summary

• 9M26 net profit was €1,297m; including TSB’s first-four-month contribution, profit was €1,376m. 3Q26 profit was €405m, up 12.9% excluding prior-quarter non-recurring impacts.

• ROTE reached 15.5%, with recurrent RoTE at 14.2% on a pro forma basis adjusted for the TSB sale and excluding one-offs.

Financial highlights

• 9M26 net interest income was €2,694m, down 0.6% YoY; 3Q26 rose 2.0% QoQ to €920m as volume growth and asset repricing offset higher funding costs.

• Net fees and commissions were €983m, up 2.1% YoY; 3Q26 increased 3.7% QoQ, supported by mutual fund fees and the Amundi agreement.

• Total costs were €1,797m, including €88m of non-recurring Spain efficiency costs; recurrent costs rose 3.8% YoY, or 2.7% excluding the Paycomet reclassification impact.

• 9M26 pre-provisions income was €1,981m, down 5.3% YoY; net profit rose 13.0%, but fell 5.3% excluding €201m net of first-half non-recurring impacts.

Segment performance

• Banking Business Spain 9M26 net profit was €1,245m, up 13.4% YoY; excluding first-half extraordinary impacts, it declined 4.9%. Gross performing loans grew 3.4%.

• Banking Business Mexico net profit was €52m, up 4.3% reported but down 3.4% at constant FX; performing loans grew 14.4% at constant FX.

• Spain 9M26 net interest income declined 1.3% YoY to €2,536m, while fees rose 1.5% to €959m; Mexico net interest income increased 3.8% and fees 28.3% at constant FX.