Spain's Sabadell 2013 net profit triples as provisions drop

MADRID Thu Jan 23, 2014 2:08am EST

MADRID Jan 23 (Reuters) - Spain's Banco Sabadell said on Thursday that net profit in 2013 had tripled from a year earlier to 247.8 million euros ($1.36 million), above analyst expectations and helped by a series of acquisitions and trading gains.

Like peers in Spain, Sabadell's earnings were also boosted by lower provisions against losses on real estate assets, which had gutted earnings in 2012.

The bank said net interest income (NII), a closely-watched measure tracking the difference between funding costs and payouts on loans, was down 2.9 percent at 1.81 billion euros, slightly above analyst forecasts.

The bank had been expected to post a 2013 net profit of 216 million euros and NII of 1.79 billion euros, according to a Reuters poll of analysts. ($1 = 0.7372 euros) (Reporting by Sarah White, Editing by Paul Day and Julien Toyer)

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