Spain's Banco Sabadell said on Friday its British unit TSB swung back to a profit in the first quarter after speeding up a cost-cutting plan, however the group's bottom line fell 22% as lending income remained under pressure. The bank reported a net profit of 73 million euros ($88.5 million), above a 56 million euros forecast from analysts polled by Reuters, as it booked fewer provisions for loan losses. Sabadell's net interest income, earnings from loans minus deposit costs, fell 5.8% to 833 million, in line with market forecasts.
Ana Botin said she had 'realistic optimism' about the year ahead.
It said its priority in 2021 is to deliver on its growth strategy and returning to profitability.