Swedbank 2Q Net Interest Income Offset by Costs, Portfolio Revaluation

By Dominic Chopping

STOCKHOLM--Swedbank AB on Tuesday reported a second-quarter net profit roughly in line with expectations as higher net interest income was partly offset by increased expenses and negative effects from the revaluation of its trading portfolio.

Net profit fell to 4.71 billion Swedish kronor ($452.9 million) from SEK5.56 billion, while net interest income rose 5.5% to SEK7.11 billion.

Analysts polled by FactSet had expected net profit of SEK4.79 billion and net interest income of SEK6.99 billion.

The cost cap of SEK20.5 billion for 2022 with a further SEK500 million related to money-laundering investigations remains unchanged, it said.

"The mortgage business is showing strength," Chief Executive Jens Henriksson said.

"But with higher interest rates and increased uncertainty, we now see that it is taking longer for buyers and sellers to close transactions in Sweden."

Swedbank said the U.S. authorities are continuing to investigate the bank over anti-money-laundering and combating financing of terrorism and 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 18.3%, compared with 18.5% in the year-earlier quarter.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

July 19, 2022 02:15 ET (06:15 GMT)

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