By Adam Whittaker
Swedbank posted a drop in earnings, but still beat analysts' expectations.
The Swedish group--which also operates in Estonia, Latvia and Lithuania--reported Wednesday a net profit of 7.345 billion kronor ($792.3 million) for the first quarter. In the same period a year earlier, it reported 8.20 billion kronor. Pretax profit fell 10% to 9.36 billion kronor versus the 9.20 billion kronor expected by analysts.
Total income fell 1% on the year prior to 17.07 billion kronor, but exceeded analysts' expectations of 16.96 billion kronor. The results reflect a 3% fall in net interest income--the difference between that earned on loans and paid out in client deposits--which came in at 11.15 billion kronor. This compares with 10.9 billion kronor analysts had expected.
Its common equity Tier 1 ratio--a key measure of balance-sheet strength--came in at 17.5%.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
04-29-26 0147ET
