Swedbank Posts Second-Quarter Net Profit Beat on Higher Net Interest Income

By Dominic Chopping

STOCKHOLM--Swedbank on Tuesday reported a forecast-beating increase in second-quarter net profit as rising interest rates boosted net interest income.

The Swedish lender made a net profit of 9.12 billion Swedish kronor ($889.6 million) from SEK4.51 billion in the comparable period last year, as net interest income rose 80% to SEK12.77 billion.

Analysts polled by FactSet had expected net profit of SEK8.06 billion and net interest income of SEK12.18 billion.

The bank said that income was affected primarily by higher net interest income due to increased deposit margins. However, lending margins on mortgages decreased slightly.

"We will deliver a sustainable return on equity of 15% from 2025 and going forward through higher availability and efficiency," Chief Executive Jens Henriksson said.

Swedbank said that U.S. authorities continue 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 18.6%, compared with 18.3% last year.

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

(END) Dow Jones Newswires

July 18, 2023 01:11 ET (05:11 GMT)

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