SWDBY Swedbank A B (PK)

By Sabela Ojea

Swedbank AB on Thursday reported a decline in pretax profit for the first quarter of the year, but said that it benefited from higher corporate lending and an increase in net interest income.

The Swedish lender posted a pretax profit of 5.75 billion kronor in the period ($584.3 million) compared with SEK6.18 billion a year ago.

Net profit fell to SEK4.62 billion from SEK4.98 billion, it said.

The bank's total income fell to SEK11.46 billion from SEK11.63 billion. Net interest income rose to SEK6.76 billion from SEK6.63 billion.

Total expenses increased to SEK5.09 billion from SEK4.97 billion, the bank said, adding that its credit impairment for the period was SEK158 million.

Swedbank ended the quarter with a common equity Tier 1 ratio--a key measure of balance-sheet strength--of 18.3%, unchanged from the previous quarter.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

April 28, 2022 01:45 ET (05:45 GMT)

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