STOCKHOLM, April 25 (Reuters) – Swedbank (SWEDa.ST), opens new tab reported on Thursday a bigger rise than expected in first-quarter net profit on the back of lower credit impairments, although higher funding costs lowered its net interest income.
Sweden’s biggest mortgage lender said net profit rose to 8.43 billion crowns ($776 mln) from 7.56 billion in the same period last year. Analysts polled by LSEG had on average expected a profit of 8.22 billion crowns.
“We yet again deliver a strong and resilient result and we see our profits rise,” CEO Jens Henriksson told reporters.
“Despite an uncertain world, with war in Europe, turmoil in the Middle East and climate change, I feel quite confident about economic development,” he said.
Swedish banks have seen income boosted by higher interest rates but have also faced headwinds from a slumping economy and a real estate crisis that has rattled investors about potential loan losses.
Source: REUTER
