Sabadell books 201 mlns Q4 loss on provisions, one-off costs (Adds details, appointment of a new CFO) MADRID, Feb 1 (Reuters) – Spain’s Banco Sabadell announced on Monday a loss of 201 million euros ($244 million) in the fourth quarter due to higher impairments related to the sale of non-performing asset portfolios, COVID-19 related provisions and restructuring costs.Analysts polled by Reuters had expected a loss of 132 million euros in the last quarter of 2020 after losing 15 million euros in the same quarter of 2019.The bank, which in November called off merger talks with bigger rival BBVA, is currently focused on cutting costs in Spain and at its British unit TSB as it tries to offset the impact from the pandemic and low interest rates on its books.In December, the lender had appointed Cesar Gonzalez-Bueno as new CEO.He is due to present the lender’s new strategy in May, which will include the potential sale of TSB.On Monday, the bank also announced the appointment of Leopoldo Alvear as new Chief Financial officer to also present the new strategy.
($1 = 0.8240 euros) (Reporting by Jesús Aguado, editing by Inti Landauro) First Published: 2021-02-01 08:04:38 Updated 2021-02-01 08:29:18
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