Swedbank 1Q Net Profit Beats Forecasts; Boosted by Higher Income

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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