Sabadell's Q3 net profit beats forecast despite lending income squeeze
MADRID (Reuters) -Sabadell said on Thursday its third-quarter net profit beat forecasts, supported by lower provisions and a recovery at its British unit TSB as the Spanish bank tries to fend off a hostile takeover bid from larger rival BBVA. Sabadell also announced the appointment of Sergio Palavecino Tome as its new finance chief following the voluntary resignation of Leopoldo Alvear, effective on Nov. 18, as he plans to take over as CFO of Societe Generale. Sabadell, Spain's fourth-largest bank in terms of market value, reported a quarterly record net profit of 503 million euros ($545.76 million), above the 447 million euros forecast by analysts in a Reuters poll.