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Swedbank also beat s expectation in its interim reports
Tuesday, 23 April 2013
The other Swedish giant bank, Swedbank on Tuesday morning, also reported a quarterly report that showed an operating profit of Skr4.9 billion, slightly above market expectations.
The bank has managed to offset the lower deposit margins with higher margins for companies.
Swedbank was the first out among the Swedish big banks to come clean. The operating profit of Skr4.9 billion, a decrease of 6 percent compared to the previous quarter. Meanwhile, it was slightly better than analysts had expected, according to various analytical houses and consensus compilations.
"The year has started with a positive expectation on the global economy, "writes Swedbank's CEO Michael Wolf in his commentary on the quarterly report.
"We continue to plan for an environment of low interest rates and weak credit demand in the foreseeable future. While we continue to improve the efficiency to achieve our financial goals, "he continues.
Swedbank's net interest income reached Skr5.3 billion, slightly better than expectations. Although the first quarter is a seasonally slow quarter given the lower interest days, net interest income was virtually unchanged compared to the previous quarter and 9 percent higher compared with the same period last year.
Details and more from Swedbank could be accessed here
by Scancomark.com Team
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