Banco De Sabadell Sa Ord (BNDSF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to 7-8 Results presentation for the first quarter of 2026. Joining us today are our CEO, César González Bueno, and our CFO, Sergio Palavecino. The presentation will follow the same structure as in previous quarters. Our CEO will begin by highlighting the key developments of the quarter and discussing the most relevant topics. Then, our CFO will review financial results and the evolution of the balance sheet. The presentation will conclude with closing remarks from our CEO after which we will open the floor for a live Q&A session. So, Cesar, over to you. Thank you, Juk. Good morning, everyone. I will begin by outlining the four highlights of the quarter, which we will discuss in more detail during today's presentation. First, the sale of TSB is now complete. Therefore, we will pay the extraordinary cash dividend of 50 euro cents per share at the end of May. Second, as we already anticipated, Q1... will mark the bottom of four core revenues. We expect these items to increase in each quarter over the course of the year. Third, we have launched an early retirement plan, which will improve efficiency in 26, but mainly in 2027. Fourth, we commit our full year guidance. Indeed, beyond the ups and downs of any given quarter, we have a sound, secure, and proven growth strategy to deliver a 16% return on tangible equity in 2027. Slide 5 shows the key financial messages for the quarter. Just to remind everyone, all figures and results presented now exclude TSB. Supported by strong commercial momentum, performing loans and customer funds recorded year-on-year growth in the mid-single digits. In this context, core revenues are expected to have reached in this quarter their lowest point of the year. We see core revenues improving going forward as replacing pressures on NII...