Swedbank 3Q Net Profit Beat on Higher Commission and Lower Loan Losses
October 21 2021 - 1:53AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Swedbank AB on Thursday reported forecast-beating
third-quarter net profit as higher commission income and lower loan
losses offset a drop in net interest income.
Quarterly net profit rose to 5.5 billion Swedish kronor ($638.9
million) from SEK5.26 billion, while net interest income slipped
1.8% to SEK6.59 billion.
Analysts polled by FactSet had expected net profit of SEK5.04
billion and net interest income of SEK6.56 billion.
The bank reported loan losses of SEK18 million, from SEK425
million last year.
The cost cap of SEK20.5 billion excluding expenses related to
money laundering investigations for 2021 and 2022 remains
unchanged.
"With a strong business focus, robust profit, costs under
control, a solid capital and liquidity situation, high credit
quality and strong economic development, I look to the future with
confidence," Chief Executive Jens Henriksson said.
The bank's common equity Tier 1 ratio--a measure of financial
strength--was 18.5%, compared with 16.8% in the year-earlier
quarter.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
October 21, 2021 01:38 ET (05:38 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Swedbank A B (PK) (USOTC:SWDBY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Swedbank A B (PK) (USOTC:SWDBY)
Historical Stock Chart
From Apr 2023 to Apr 2024