Точка Синхронізації

Spanish lender Banco de Sabadell SA saw its shares tumble by more than 5% on February 6, 2026, after reporting a 2.8% decline in annual net profit to €1.78 billion and issuing a cautionary outlook for 2026. The bank's performance was weighed down by a significant compression in margins and expectations of stagnant net interest income (NII) as the European Central Bank continues to lower interest rates. Despite the overall dip in annual profit, the bank is actively moving to reinforce its capital buffers through the strategic sale of its British subsidiary, TSB, to Banco Santander. The lender's financial guidance for 2026 proved to be the primary catalyst for the stock's decline, as management predicted NII growth of only 1% for the coming year. This figure fell sharply below analyst projections, which had anticipated growth in the range of 3% to 3.5%. This discrepancy suggests that the banking sector's margins in Spain have not yet stabilized, even as deposit costs begin to level off. Furthermore, the bank's net interest income for the reported period fell 3.7% to €4.84 billion, reflecting the broader impact of a slowing loan market in its home region. To balance these headwinds, Sabadell is finalizing the £2.65 billion divestment of TSB, a move scheduled for completion in the second quarter of 2026. This transaction is expected to significantly bolster the bank's Common Equity Tier 1 (CET1) ratio, which currently stands at 13.11%. In tandem with the sale, the bank announced an €800 million share buyback program to return value to shareholders while navigating the transition. While asset quality remains a bright spot, with non-performing loan ratios falling to 2.37%, investors remained focused on the revenue challenges posed by the evolving rate environment. Market analysts, including those from Morgan Stanley, noted that while Sabadell's fourth-quarter provisions were lower than expected, the underlying weakness in loan volumes in Spain remains a concern. The bank's total capital ratio finished the year at 18.23%, providing a substantial buffer over regulatory requirements, yet the market's reaction underscored a shift in focus from capital strength to future earnings potential in a post-high-interest-rate economy.