First quarter results were impacted by the market’s turmoil and the unconfessed decision to progressively remove mortgage floors through an unfavourable switch for the bank to fixed mortgage rates. Cost savings and TSB’s IT migration are on track. Impairments guidance has remained unchanged despite the confirmed recovery of the Spanish real estate market. The already confortable capital position has improved further.
19 May 2016
Unconfessed mortgage floors removal
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Unconfessed mortgage floors removal
Banco de Sabadell SA (SAB:WBO) | 0 0 0.8% | Mkt Cap: 10,227m
- Published:
19 May 2016 -
Author:
David Grinsztajn -
Pages:
3
First quarter results were impacted by the market’s turmoil and the unconfessed decision to progressively remove mortgage floors through an unfavourable switch for the bank to fixed mortgage rates. Cost savings and TSB’s IT migration are on track. Impairments guidance has remained unchanged despite the confirmed recovery of the Spanish real estate market. The already confortable capital position has improved further.