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Shareholders give majority approval to performance and results in 2015


31/03/2016
  • The meeting has approved gross shareholder remuneration of €0.07 per share, through flexible remuneration or scrip dividend, supplemented with shares from the treasury portfolio.
     
  • Josep Oliu: “Our aim is always to give our shareholders an adequate return, and search for longevity deriving from compensated risks and sources of profit”.

Today, in the Banco Sabadell Ordinary General Meeting of Shareholders, with 66.27% of capital stock, shareholders in attendance and proxies gave majority approval to the performance and results of the institution’s 134th financial year, with which they also approved the motion to distribute €708.4 million in net profit obtained at the close of 2015.

The meeting has also approved the distribution of approximately €271 million in shareholder remuneration in the form of a scrip dividend, or flexible remuneration, for the amount of €0.05 per share, which will be supplemented in the form of shares from the treasury portfolio for the amount of €0.02 per share. Total gross shareholder remuneration thus amounts to €0.07 per share, which will be paid during April. With this remuneration, and at the close of today, dividend yield for shareholders stands at 4.42%.

In his speech, Chairman Josep Oliu made special reference to the fact that the bank has ended its 134th year with Common Equity Tier 1 fully loaded capital ratio of 11.4%, well above the regulatory requirement of 9.25%. He said “This percentage is among the lowest of Spanish banking requirements, and confirms the adequacy of the capital management carried out during the same year in which the Bank’s risk profile has changed significantly”.

2015 has been the second year of the three year business plan (Triple plan), which is based on three pillars: Transformation, Profitability and Internationalisation. As stated by Mr. Oliu “in the last year we have achieved objectives that are far more ambitious than those that we had originally set when creating the plan, particularly in terms of internationalisation and the transformation of Banco Sabadell into a multi-national bank through powerful technology and a strong capacity to allocate adequate risk levels in various geographies”.

Josep Oliu ended his speech by reminding us that Banco Sabadell has changed considerably in recent years, and that it has managed to transform the crisis into an opportunity. For the future, he said that the bank will continue to adapt its organisational structure to its new multi-national position, and to the changes caused by the political and economic environment. He concluded by saying the bank is “always searching to give our shareholders an adequate return, and for longevity deriving from compensated risks and sources of profit”.

Managing Director’s speech
As Managing Director, the main focus of Jaime Guardiola’s speech was on business management and the key figures of the year. He highlighted that in 2015 the bank focused on implementing the three pillars of the 2014-2015 Triple plan: Profitability, Transformation and Internationalisation.

Regarding profitability, he highlighted the consistent growth of the banking business throughout the plan, and made a special reference to the continued increase in income, in spite of the current environment of reduced interest rates. On the Transformation pillar, Jaime Guardiola explained the main developments in the three-way transformation the bank is working on: transformation of the balance sheet, transformation of the production model and sales transformation.

On the balance sheet, he stated that doubtful assets were reduced by more than €3.5 billion. When speaking about the production model, he highlighted the industrialisation of administrative activities, transferring them to operational centres, resulting in “improved efficiency and a greater focus on service quality.” Regarding sales transformation he explained the significant progress made by the bank in terms of technology. “Since the start of the Triple Plan we have increased the number of customers who used their mobile phones to access their accounts or used the bank’s website by 41.5% and 16.5% respectively. We are a leading banking institution in terms of innovation, bringing improved digital capacities within reach of our customers, and always placing customers at the centre of the relationship”, stated Jaime Guardiola.

On the third pillar of the Triple plan, Internationalisation, the Managing Director highlighted the most significant event to be the acquisition of TSB in the United Kingdom, and the excellent results achieved in 2015. The incorporation of the British franchise, as well as the bank’s presence in new markets such as Mexico, Colombia and Peru, mean that 32% of the bank’s credit portfolio is located outside Spain, , “amply exceeding the target indicated in the Triple Plan of having 10% of credit outside of Spain by 2016” Jaime Guardiola added.

The Managing Director concluded his speech by stating that, aside from TSB’s contribution, the growth in profit (€708 million, a year-on-year increase of 90.6%), is due to the positive evolution of income from ordinary business and a rigorous management of expenses. “All this shows that the Triple plan is going smoothly, and that we are on our way to achieving the ambitious profitability objectives that we set ourselves two years ago”, he confirmed.

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Banco de Sabadell, S.A. Avenida Óscar Esplá, 37, 03007 Alicante, registered with the Mercantile Register in Alicante, tome 4070, folio 1, page A-156980, Fiscal Identification Number (NIF) A08000143.
Financial institution under the supervision of the Bank of Spain and registered in the Special Administrative Register under number 0081
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