For second consecutive Year, Sabadell BankHe occupies the podium of the stock market revaluation with an increase of 50.69% until its capitalization situation in almost 5,000 million euros. To calculate these valuations, in which banks stand out this year thanks to the interest rate hikeswhich have broken six years of negative money prices, the values that have been incorporated into the index during the year are not considered, since they have not completed the exercise, which are the cases of Fluidra and Rovi in 2021. It is the first time that a bank repeats itself as a value with the highest revaluation for 2 years in a row. (In 1994 and 1995, BBVA appears, as it is the current name of the entity. But it does not correspond to this, but to one of the banks that today make it up, such as the old Argentaria, Bilbao or Vizcaya).
Although it has placed second, it remains in the elite almost tied in revaluation with CaixaBank, which last year absorbed Bankia and reached a capitalization of 27,500 million and a revaluation of 51.53%. The entity chaired by José Ignacio Goirigolzarri and of which Gonzalo Gortázar is the CEO is benefiting from the rate hike in the banka, which provides higher income and increased interest margin to the sector.
The singularity of Sabadell is that it repeats the podium for the second consecutive year and has to do with the landing of the team led by the CEO Cesar Gonzalez-Buenowhat took the reins in March of last year, and that has turned the entity around like a sock once the merger attempt with BBVA failed. In the opinion of the analysts, the bank chaired by Josep Oliu has taken advantage of the favorable environment for banks as a whole that the rise in interest rates implies. Investors welcome the conversion undertaken, which has managed to recompose the capital ratios for which it had been penalized. The bank has improved solvency, efficiency and profitability, according to analysts. The improvement in shareholder remuneration is another of the factors that have marked its evolution. The bank has announced an increase in the ‘pay-out’ to a minimum of 40%, which represents a significant rise from 31.8% the previous year. Of the less than 2,000 million that it came to be worth, a balance price, it has shot up to almost 5,000 million.
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Another notable factor was the decision not to sell the British subsidiary TSB. The entity has recently closed an agreement with the United Kingdom regulator that shelves with 55.75 million the technological problems that it registered in its technological platform in 2018. TSB has also become one of Sabadell’s great assets. This British subsidiary adds seven consecutive quarters of positive contribution to the group, earns 103 million pounds (117.95 million euros) and achieves a ROTE of 7.8%. In September it concluded with a positive contribution to the accounts of the Banc Sabadell Group of 93 million euros, compared to 82 million euros in the same period of 2021.
Sabadell’s recovery after the problems it suffered at the end of 2020 after breaking up with BBVA is picking up speed. The bank earned 709 million euros between January and September, 91.9% more than in the same period last year and 33% more than it obtained in all of 2021 (530 million). In fact, the profit in the first three quarters is close to what it registered in all of 2019, the last pre-pandemic year (768 million).