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Sabadell swings to fourth-quarter loss on higher provisions

Reuters - UK Focus
Updated ·1-min read

MADRID, Jan 30 (Reuters) - Spain's Banco Sabadell swung to a loss of 15 million euros ($16.6 million) in the fourth quarter from a profit of 80 million a year ago due to higher-than-expected provisions for bad loans, the bank said on Thursday.

Analysts had expected, on average, a net profit of 16 million euros, although some projected a loss.

Net interest income, a measure of earnings on loans minus deposit costs, fell 2.4% from a year earlier to 910 million euros, but edged 0.4% higher against the preceding quarter. ($1 = 0.9014 euros) (Reporting By Jesús Aguado; editing by Ashifa Kassam and Andrei Khalip)