Q2 2026 Banco De Sabadell, S.a Earnings Call Transcript
Key Points
- Banco de Sabadell SA (BNDSF) has regained commercial momentum, with performing loans growing by 3% quarter-on-quarter and customer funds increasing by 1.8%.
- The bank's net interest income (NII) grew by 3.4% quarter-on-quarter, and fees increased by 4%, indicating strong revenue growth.
- The sale of TSB generated more than 400 basis points of capital, allowing Banco de Sabadell SA (BNDSF) to pay an extraordinary cash dividend of $0.50 per share.
- Banco de Sabadell SA (BNDSF) completed its EUR800 million share buyback program and announced a new EUR331 million share buyback, demonstrating a commitment to shareholder returns.
- The bank's asset quality continues to improve, with a declining non-performing loan (NPL) ratio and a stable cost of risk at around 40 basis points.
- Banco de Sabadell SA (BNDSF) recorded EUR37 million of one-off costs from an early retirement program, impacting short-term financial results.
- Despite strong loan growth, the bank's deposit growth is lagging, which could pressure the loan-to-deposit ratio.
- The bank's recurrent costs increased by 4.9% year-on-year, driven by higher depreciation and amortization.
- There is ongoing pressure on service fees due to competition and structural changes in the market.
- The bank's cost of risk remains stable at 40 basis points, but there is limited room for further decline despite a healthy economic backdrop.
Good morning, and welcome to Sabadale's results presentation for the second quarter of 2026.
Joining us today are our new CEO, Marc Armangol and our CFO, Sergio Pallabetino.
The presentation will follow a similar structure as in previous quarters.
Marc will start by sharing his opening remarks and discussing the key highlights of the quarter.
Then, Sergio will review financial results and the evolution of the balance sheet before Marc concludes the presentation.
Finally, we will open the line for a live Q&A session.
With that, Marc, welcome, and the floor is yours.
Thank you very much, Luc, and good morning, everyone. It is a great pleasure to join you today for my first results presentation as CEO of Sabarel.
I thought that before we move into the presentation, let me just briefly introduce myself.
I became CEO in May after more than two decades at the group. And during that time, I have
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