Latest News

Swedbank profit tops forecast as commission income hits record

Economy15 minutes ago (Oct 21, 2021 07:22)

© Reuters. A Swedbank sign is seen on the bank’s building in Tallinn, Estonia October 3, 2019. REUTERS/Ints Kalnins

STOCKHOLM (Reuters) – Swedish bank Swedbank on Thursday reported better-than-expected net profit for the third quarter on the back of continued strong growth for mortgages and record commission income.

Nordic economies have rebounded sharply this year with Sweden back above pre-pandemic levels, stoking consumer spending and demand for financial services and lifting shares in the region’s banking stocks.

Meanwhile, soaring energy prices and component shortages amid the recovery have also played a part in rekindling long-dormant inflation, potentially shifting the zero interest rate environment for banks and their customers.

Sweden’s oldest retail bank said in a statement its quarterly net profit rose to 5.50 billion Swedish crowns ($639.91 million) from 5.26 billion crowns a year earlier, beating analysts’ expectations of 5.10 billion crowns in a Refinitiv poll. [L8N2RF167]

“The quarter has been characterized by a gradual return to the new normal,” Swedbank Chief Executive Jens Henriksson told reporters. “We see a strong recovery, not least in Sweden.”

Swedbank said commission income rose to 3.80 billion crowns from 3.25 billion crowns a year earlier while interest income, which includes income from mortgages, dipped to 6.59 billion crowns from 6.71 billion crowns a year earlier.

Swedbank, largely unscathed by COVID-19 and cash-rich after pandemic curbs on shareholder payouts, reported in October it planned to pay 7.30 Swedish crowns per share dividend relating to 2019 and 2020. [L8N2QX114]

($1 = 8.5949 Swedish crowns)

Swedbank profit tops forecast as commission income hits record

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Analysis-Exit of ECB’s Weidmann, decade of economic change shows hawk as endangered species

Previous article

St James’s Place lifts target as savings, investor mood boosts inflows

Next article

You may also like


Leave a reply

Your email address will not be published.

More in Latest News