Swedbank Q3 profit beats forecast

Credit: REUTERS/INTS KALNINS

Swedish bank Swedbank on Tuesday reported a bigger-than-expected rise in net profit for the third quarter as strong stock market conditions and increased payment volumes helped it recover from the impact of the coronavirus pandemic.

Oct 20 (Reuters) - Swedbank AB SWEDa.ST:

Q3 LOWER NET INTEREST INCOME DUE TO LOWER MARKET RATES Q/Q

Q3 STRONGER INCOME FROM CARDS AND ASSET MANAGEMENT POSITIVELY AFFECTED NET COMMISSION INCOME Q/Q

Q3 LOWER PROVISIONS FOR POTENTIAL CREDIT IMPAIRMENTS RELATED TO EFFECTS OF COVID-19 Q/Q

IS STILL CONSIDERING THE ISSUE OF A DIVIDEND FOR 2019

SWEDBANK Q3 NET INTEREST INCOME SEK 6,714 MILLION VERSUS SEK 6,553 MILLION YEAR AGO

BANK’S FINANCIAL POSITION IS STRONG, AND WANTS TO PAY A DIVIDEND.

AFTER A HISTORIC DROP IN GDP IN THE FIRST HALF OF 2020 WE HAVE SEEN A RECOVERY THIS AUTUMN

SWEDBANK Q3 NET COMMISSION INCOME SEK 3,246 MILLION VERSUS SEK 3,297 MILLION YEAR AGO

REVIEW OF THE BANK’S WANTED POSITION THAT BEGAN IN JUNE AND WILL BE COMPLETED BEFORE THE YEAR IS OVER

REFINITIV POLL: SWEDBANK Q3 NET PROFIT SEEN AT SEK 4.32 BILLION, NET INTEREST INCOME AT SEK 6.90 BILLION

Q3 CREDIT IMPAIRMENT SEK 425 MILLION VERSUS SEK 154 MILLION YEAR AGO

SWEDBANK Q3 NET PROFIT SEK 5,261 MILLION VERSUS SEK 4,663 MILLION YEAR AGO

UNDERLYING EXPENSES WERE AS PLANNED, WHILE COST OF MEASURES IN RESPONSE TO INVESTIGATIONS AND LEGAL ADVICE ON MONEY LAUNDERING ISSUES CONTINUES TO BE LOWER THAN FORECAST

Source text for Eikon: ID:nWkr90wyvl

Further company coverage: [SWEDa.ST]

(Gdansk Newsroom)

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