Sabadell United Bank reported net income of $11.2 million for the quarter ended September 30, 2016. The bank has earned a total of $34.6 million year to date, a 26 percent increase over the same period last year, after excluding a non–recurring gain on sale of certain residential loans of $5.8 million.
As of September 30, 2016, Sabadell reported $5.5 billion in assets,having grown 10 percent from the $5.0 billion compared to one year ago,whilemaintainingahighliquidityleveland strongcoreoperationalearnings.Thebank’stotalgrossloanportfolioreached$3.9billion and deposit balances reached $4.4 billion,up 7 percent and 9 percent from the same period last year, respectively.
The bank’s quarter-end Common Equity Tier 1 capital ratio (“CET1”) and Tier 1 capital ratio were both 14.4 percent. Its Tier 1 leverage ratio was 9.67 percent and its total capital ratio was 15.66 percent, both of which far exceed the FDIC standards for a well-capitalized bank. Sabadell United Bank consistently ranks as a well-capitalized bank in the state and is rated 5 stars by Bauer Financial for its financial stability.
“Our strong net income and total assets growth during the first nine months of 2016, together with a robust pipeline of new business continue setting the base for a successful 2016. We opened a new office on Key Biscayne and launched an expanded residential mortgage lending program during the third quarter, as planned. These accomplishments along with a focus on wealth management should make for a strong 2016,” said Dwight Hill, President of Sabadell United Bank.
“We are pleased with the solid earnings obtained during the last quarter,” said Mario Trueba, CEO of Sabadell United Bank.
He added, “We benefit from the strong support that we receive from our parent company Banco Sabadell. This relationship allows us to offer the personal service of a community bank with the capabilities of a global institution.”
Banco Sabadell is Spain’s fourth largest private banking group, with banks and offices in over 20 countries, offering a wide array of services.
As of September 30, 2016, the total assets of Banco Sabadell Group amounted approximately to $230.5 billion. It has a network of 2,791 branches which includes more than 600 international branches, 25,972 employees, and more than 11 million customers. Banco Sabadell’s shares are publicly traded in the Spain principal stock market exchange (Bolsa de Madrid), and it forms part of the IBEX 35 which comprises the 35 most liquid Spanish stocks traded in such market.
Banco Sabadell’s capital ratios are strong with a fully-loaded Common Equity Tier 1 (CET 1) ratio of 12%.
Banco Sabadell group ended the first nine months of 2016 with an 11.6% increase in attributable net profit compared to the same period last year, totaling $724.5 million. During the nine months period ended September 30, 2016, net interest income amounted to $3,237.8 million, a 29% increase year-on-year.
ABOUT SABADELL UNITED BANK
Sabadell United Bank, N.A. is a locally managed, nationally chartered banking institution that serves over 40,000 clients through its branch network in Florida. Professionals, businesses, and high-net-worth individuals look to Sabadell as their trusted financial advisor. Sabadell’s Florida operations include Sabadell United Bank, its wealth management division, Sabadell Bank & Trust, and Banco Sabadell – Miami Branch, an international branch of its parent company, Banco Sabadell. Sabadell currently manages more than $17 billion of business volume in Florida. Since 2007, Sabadell has grown its presence in Florida more than twelvefold in terms of business volume.
