Swedbank 1Q Net Profit Beats Forecasts; Boosted by Higher Income
27 April 2023 - 7:52AM
Dow Jones News
By Ian Walker
Swedbank AB on Thursday reported a 68% rise in first-quarter net
profit, beating market forecasts, as it benefited from higher
income.
The Swedish lender made a net profit for the quarter of 7.56
billion Swedish kronor ($732.4 million) compared with SEK4.48
billion for the comparable period a year earlier and a FactSet
consensus of SEK6.76 billion.
Net interest income rose to SEK11.94 billion compared with
SEK6.76 billion and a consensus of SEK11.11 billion.
Underlying net interest income was positively affected mainly by
higher deposit margins due to rising short-term market rates.
The bank ended the quarter with a common equity Tier 1 ratio--a
key measure of balance-sheet strength--of 18.3% compared with 18.3%
for the comparable period a year earlier and 17.8% in the fourth
quarter.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
April 27, 2023 01:37 ET (05:37 GMT)
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