Swedbank's Q1 profit rises more than expected helped by lower credit losses [Reuters]
SWEDBANK AB S/ADR (SWDBY)
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Source: Reuters
the back of higher income, lower expenses and lower credit impairments, and said the economy had proved surprisingly resilient in the quarter. Sweden's biggest mortgage lender said net profit rose to 8.43 billion crowns ($776 mln) from a year-ago 7.56 billion. Analysts polled by LSEG had on average expected a profit of 8.22 billion crowns. "We yet again deliver a strong and resilient result and we see our profits rise," CEO Jens Henriksson told reporters. "Despite an uncertain world with war in Europe, turmoil in the Middle East and climate change, I feel somewhat confident for the economic development," he said. Swedish banks have seen income boosted by higher interest rates but have also faced headwinds from a slumping economy and a real estate crisis that has had investors doubting their balance sheets. Swedbank, a rival to Handelsbanken , Nordea and SEB said its interest income - which includes revenue from mortgages - rose to 12.6 billion crowns from 11.9 billion, below
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