The bank, with roots in Sweden’s two-centuries-old savings bank movement, reported a net profit of 6.81 billion Swedish crowns ($653 million) for the quarter, up from 4.84 billion crowns a year ago and higher than analysts’ mean estimate of 6.26 billion crowns in a Refinitiv poll.
Swedbank and its Nordic peers have seen a year of rapid rate hikes by central banks, aimed at bringing red-hot inflation back under control, which has boosted their interest income, although the pressure on households and businesses has only gradually begun filtering through as rising credit loss provisions.
“Credit impairments increased slightly due to the weaker macroeconomic outlook, but credit quality is good and our liquidity position is strong,” Chief Executive Jens Henriksson said in a statement.
“In these turbulent times, Swedbank stands strong.”
Sweden’s biggest mortgage lender said its net interest income, which includes revenues from mortgages, rose…
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