Jiahuang Capital: Savadell Bank's performance expectations are more cautious than domestic peers.

Pablo de la Torre Cuevas, from the investment bank, stated that the performance expectations for Banco Sabadell of Spain in 2026 appear weaker than those of domestic peers, and the bank may face scrutiny over the assumptions on which its outlook is based. The bank expects net interest income to grow by over 1% this year excluding TSB, loans to increase by around 6%, and deposits to grow by 3% to 4%. The analyst mentioned in a research report that Banco Sabadell's shareholder distribution plan will also be a focus of attention. de la Torre Cuevas noted that the bank has not announced a final dividend payout, but instead will carry out an 800 million share buyback. He added that the total distribution for 2025 is 50 million higher than the average expectation, but the cumulative targets for 2025-2027 have been reaffirmed. The stock price of the bank fell by 4.2%.