Sabadell reported a Q2 net profit of €624 million, up 28% year over year, aided by a €322 million gain from selling its UK unit TSB. The sale’s closing on May 1 allowed the bank to publish pro forma figures excluding TSB, showing underlying profit up 48% to €608 million. A new share buyback programme worth €331 million was announced for next week. Net interest income fell 0.4% on a pro forma basis to €902 million, though it beat forecasts and rose 3.4% versus the prior quarter as lending activity persisted. The results illustrate how one-off gains from asset sales can cushion performance in a rate environment where lending income is under pressure, while lending volumes and customer funds continued to grow across segments, including mortgages and consumer loans. Overall, Sabadell remains optimistic about moderate balance-sheet momentum amid expectations of higher rates ahead.