Alex Trelinski
SABADELL Bank profits have leapt up by 82.4% between January and September compared to the same period last year.
Spain’s four-largest bank has recorded a €370 million profit so far this year, with €149 million coming in the third-quarter of 2021.
The figures have been boosted by figures coming in from Sabadell’s subsidiary, the TSB, along with major cost-cutting with staff redundancies and branch closures across Spain.
The TSB contributed €43 million to Sabadell’s third-quarter profit line.
Sabadell’s Spanish workforce has fallen by 2,900 and 400 branches have been shut over the last 18 months.
That’s led to annual savings of around €130 million.
The bank said in a statement that ‘the exit of the workers and the way it was done was 100% approved by the unions’.
Sabadell CEO, Cesar Gonzalez Bueno said: “The financial results back up the way that we have transformed the business.”
Sabadell announced a fresh round of redundancies and branch closures in September, with 1,900 jobs set to be cut.
Image Credit: Cordon Press
READ MORE: SABADELL BANK SET TO ANNOUNCE MORE SACKINGS AND BRANCH CLOSURES
