- +33 773 34 23 64
- info@wallstreet-collateral.com
- Mon-Fri 8am - 6pm
Sabadell sees higher lending income in 2024, shares jump
By Jerry
MADRID, April 25 (Reuters) – Spain’s Sabadell (SABE.MC), opens new tab forecast on Thursday its lending income to continue growing in 2024 after beating net profit forecasts in the first quarter, triggering a sharp rise in its share price.
Higher-than-expected interest rates have boosted lending income at Spanish banks, which have benefited from charging customers higher costs for floating rate loans, while keeping a lid on rates for savers.
Sabadell said it now expects its lending income to grow around 3% in 2024 and to remain stable in 2025. In February, the lender had forecast a low-single-digit growth this year.
At 0748 GMT, shares in Sabadell rose more than 9% compared to a flattish performance in Spain’s leading blue-chip index Ibex-35 (.IBEX), opens new tab.
Shares were also supported by the execution of an already announced 340 million euro share buyback programme.
Source: REUTER
