Latest News

Swedbank posts profit beat on higher interest income, hikes dividend

Swedbank profit beats forecast, raises dividend By Reuters

Breaking News


Economy 17 minutes ago (Jan 31, 2023 06:31)

© Reuters. FILE PHOTO: The Swedbank logo is pictured on its branch in Riga October 21, 2014. Banking group Swedbank said on Tuesday growth in its home markets could be dragged down by a weak global economy and political uncertainty in Sweden as it posted forecast-be

STOCKHOLM (Reuters) – Swedish bank Swedbank reported a bigger than expected rise in net profit for the fourth quarter and proposed raising its annual shareholder dividend on Tuesday as surging central bank interest rates helped lift income from mortgages.

The bank, with deep roots in Sweden’s two-centuries-old savings bank movement, reported a net profit of 6.81 billion Swedish crowns ($653 million) for the quarter, up from 4.84 billion a year ago, to come in above the mean forecast 6.26 billion in a Refinitiv poll of analysts.

Swedbank and its Nordic peers have seen a year of rapid-fire rate hikes by central banks, aimed at bringing red-hot inflation back under control, boost interest income while the pressure on households and businesses has only gradually begun filtering through into rising credit loss provisions.

“Credit impairments increased slightly due to the weaker macroeconomic outlook, but credit quality is good and our liquidity position is strong,” Chief Executive Jens Henriksson said in a statement.

Swedbank, a rival of banks such as Handelsbanken and Nordea, said net interest income, which includes revenues from mortgages, rose to 10.92 billion crowns from 6.75 billion a year ago to beat the 9.31 billion seen by analysts.

Swedbank profit beats forecast, raises dividend

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning

© 2007-2023 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:Latest News