Swedbank 3Q Net Profit Beat Forecasts on Higher Net Interest Income
October 27 2022 - 1:33AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Swedbank AB on Thursday reported a third-quarter net
profit that beat expectations as rising interest rates and higher
lending growth boosted net interest income.
Net profit rose to 5.74 billion Swedish kronor ($528.4 million)
from SEK4.71 billion, while net interest income rose 23% to SEK8.36
billion.
Analysts polled by FactSet had expected net profit of SEK5.13
billion and net interest income of SEK7.68 billion.
Swedbank now expects full-year expenses, excluding foreign
exchange effects, to be around 1% higher than the previous target
cost cap of SEK20.5 billion, and the additional SEK500 million
related to money-laundering investigations.
During the quarter the bank wrote down SEK443 million of
software and goodwill in its Norwegian operations. Credit
impairments rose to SEK602 million from SEK18 million in the
quarter mainly due to revised growth forecasts, it added.
Swedbank said the U.S. authorities are continuing to investigate
the bank over anti-money-laundering and combating financing of
terrorism and that the various investigations are at different
stages.
The bank ended the quarter with a common equity Tier 1 ratio--a
key measure of balance-sheet strength--of 18.5%, compared with
18.5% in the year-earlier quarter.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
October 27, 2022 02:18 ET (06:18 GMT)
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