Sabadell agrees with the FCA a fine of 55 million for the migration of TSB with a neutral impact on their accounts

The impact on capital at the group level is estimated at six basis points, which will be neutralized by the insurance policies taken out.

Sabadell agrees with the FCA a fine of 55 million for the migration of TSB with a neutral impact on their accounts

The impact on capital at the group level is estimated at six basis points, which will be neutralized by the insurance policies taken out

MADRID, 20 Dic. (EUROPA PRESS) -

TSB, the British subsidiary of Banco Sabadell, has reached an agreement with the FCA on the conclusions of the investigation into the causes and circumstances of the incidents that occurred after the migration of its technological platform.

Said agreement implies a payment of 48.65 million pounds (55.75 million euros) to the British regulators, which will be accounted for by TSB in the fourth quarter, as reported by the entity to the National Securities Market Commission on Tuesday. (CNMV).

Before any additional compensation for the insurance policies taken out, the impact on capital at the Banco Sabadell Group level is estimated at six basis points.

Banco Sabadell has estimated that the insurance policies taken out by TSB and Banco Sabadell will make it possible to offset said amount and impact on capital in the following quarters.

In this way, the bank puts an end to the migration of TSB and resolves the uncertainty of a process that ended more than four years ago, sources from the entity have pointed out to Europa Press, who have specified that TSB is a bank different, with a different management team and strategy that adds up to seven consecutive quarters of positive contribution to the Banco Sabadell Group.

The same sources have highlighted that TSB's technology is today more stable than that of most other banks in the United Kingdom, with levels of incidents in technology below the industry average, according to data from the FCA itself.

More than 90% of all TSB client transactions are made through digital or automated channels. The TSB mobile app has a rating of 4.8 (out of 5) in the IOS app, and 4.7 (out of 5) in the Android store.

TSB 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%.

The British subsidiary of Sabadell ended the month of September 2022 with a positive contribution to the accounts of the Banco Sabadell Group of 93 million euros, compared to 82 million euros in the same period of 2021.

TSB has obtained, at the individual level, a profit before taxes of 167 million pounds (191.24 million euros) at the end of September, compared to 110 million in the same period of 2021. The individual net profit stands at 103 million pounds (117.95 million euros) at the end of the third quarter of 2022, with growth in the basic margin driven by its strong commercial dynamism.

Likewise, the British subsidiary of Sabadell has increased its recurring margin by 81% in the year-on-year comparison, a percentage that stands at 27% quarter-on-quarter.

The interest margin totaled 718 million pounds (822.25 million euros) at the end of September and increased by 11.7% year-on-year due to the strong growth in mortgage volumes in the year.

Net commissions grew by 17.9% year-on-year and amounted to 88 million pounds (100.77 million euros) due to higher service commissions, especially cards, while costs stood at 562 million pounds (643, 6 million euros) and decreased by 3.6% year-on-year.

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