Swedbank 3Q Net Profit Beat Forecasts on Higher Net Interest Income

By Dominic Chopping

STOCKHOLM--Swedbank AB on Thursday reported a third-quarter net profit that beat expectations as rising interest rates and higher lending growth boosted net interest income.

Net profit rose to 5.74 billion Swedish kronor ($528.4 million) from SEK4.71 billion, while net interest income rose 23% to SEK8.36 billion.

Analysts polled by FactSet had expected net profit of SEK5.13 billion and net interest income of SEK7.68 billion.

Swedbank now expects full-year expenses, excluding foreign exchange effects, to be around 1% higher than the previous target cost cap of SEK20.5 billion, and the additional SEK500 million related to money-laundering investigations.

During the quarter the bank wrote down SEK443 million of software and goodwill in its Norwegian operations. Credit impairments rose to SEK602 million from SEK18 million in the quarter mainly due to revised growth forecasts, it added.

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

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

(END) Dow Jones Newswires

October 27, 2022 02:18 ET (06:18 GMT)

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