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Sabadell sees profitability ratio rising to over 6% by 2023

MADRID, May 28 (Reuters) - Spain’s Banco Sabadell said on Friday it aimed to increase its return on tangible equity (ROTE), a measure of profitability, to more than 6% by 2023 from around 0% in 2020, buoyed by cost-savings in Spain and a boost from lending to companies.

Banks across Europe are struggling to cope with record low interest rates, and the economic downturn sparked by the pandemic has forced them to focus on further cost cuts. (Reporting by Jesús Aguado; editing by Inti Landauro)

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