Swedbank Sees Net Interest Income Drop in Line With Peers [BNN Bloomberg (Canada)]
SWEDBANK AB S/ADR (SWDBY)
NASDAQ:AMEX Investor Relations:
swedbank.com/investor-relations
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Source: BNN Bloomberg
The Stockholm-based lender said its net interest income — the difference between money made on lending and the cost of funding — came in at 12.6 billion Swedish kronor ($1.2 billion) in the period, down 5% from the end of the year, according to a statement Thursday. Analysts tracked by Bloomberg had on average expected 12.8 billion kronor. The net interest income drop was driven by lower deposit margins, with contributions from slightly lower average lending volumes and higher funding costs. Swedish banks, in line with a number of their European counterparts, are starting to report lower net interest income as benefits from previous interest-rate hikes begin to taper off. That comes after a period when banks quickly raised lending rates while those paid on deposits increased much more slowly. Many central banks are expected to start cutting rates this year while competition drives up how much lenders have to offer to attract savers, once again changing the equation for banks. S
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