SWDBY Swedbank A B (PK)

By Dominic Chopping

STOCKHOLM--Swedbank AB on Tuesday lifted its ordinary dividend after reporting a forecast-beating increase in fourth-quarter net profit as rising interest rates boosted net interest income.

Net profit rose to 6.81 billion Swedish kronor ($655.1 million) from SEK4.84 billion, while net interest income rose 62% to SEK10.92 billion.

Analysts polled by FactSet had expected net profit of SEK6.19 billion and net interest income of SEK9.49 billion.

During the quarter the bank wrote down SEK681 million of software and goodwill in its invoicing and payment services subsidiary. Credit impairments rose to SEK679 million from a reversal of SEK67 million, mainly due to revised growth forecasts and increased provisions, it added.

Swedbank said the U.S. authorities are continuing to investigate the bank over its measures to prevent money laundering and the 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 17.8%, compared with 18.3% in the year-earlier quarter.

Swedbank raised its ordinary dividend to SEK9.75 from SEK9.25.

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

(END) Dow Jones Newswires

January 31, 2023 02:18 ET (07:18 GMT)

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