Sabadell Q1 Profit Falls 28% YoY

Sabadell's Q1 net profit fell 28.1% YoY to €284 million, or €347 million including TSB, down 29.1%.
Net interest income dropped 3.5% to €872 million as loan yields fell in a softer rate environment.
Total costs rose to €624 million, with €55 million non‑recurring expenses, while fees slipped 2.2% to €315 million.
Asset quality improved (NPL 2.5%); loan book grew 5.6% YoY; TSB sale to Santander UK to generate >€300 million capital gain.