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Swedbank report impressive financial performance

Wednesday, 30 January 2013
Swedish banking group, Swedbank made a huge profit in the last quarter of last year. Operating profit came to be Skr4 977 million compared to Skr1,753 million corresponding period of the 2011

For this reason, the bank raises its dividend payment to 75 percent of the net profit from the previous 50 percent. That was the big bang in Wednesday's report.

Analysts had, according to Reuters, on average, expected a profit of Skr4.397 million. Swedbank was the first out among major banks to come clean. For a long time, the big bank Swedbank flirted with the market and indicated that there would be room to bring a larger share of profits to the owners.

Now the speculation became reality as the bank raises its dividend from 50 to 75 percent of shareholder profit. This means that the Bank at the Annual General Meeting will propose a dividend of Skr 9.90 per share, over previous Skr 5.30 per share.

"The decision is supported by the bank's robust earnings and the fact that there exists low risk combined with the demand for credit is expected to be limited for the foreseeable future, "writes Swedbank's CEO Michael Wolf as a comment to the Financial Statements.

"2012 has been a financial success for Swedbank, "writes Swedbank's CEO Michael Wolf in the company's annual accounts.
by Scancomark.com

Swedbank's financial numbers summaryYear-end report 2012
Fourth quarter 2012 Compared with the third quarter 2012 • The result for the quarter amounted to SEK 4 340m (3 511) • Earnings per share before dilution amounted to SEK 3.95* (3.20) and earnings per share after dilution amounted to SEK 3.94* (3.19) • The return on equity was 16.7 per cent (14.1) • The cost/income ratio was 0.45 (0.44) • Net interest income amounted to SEK 5 465m (5 263) • Profit before impairments increased by 3 per cent to SEK 5 204m (5 053) • Swedbank reported net credit impairments of SEK 11m (204) • The Common Equity Tier 1 ratio was 17.4 per cent according to Basel 2 (15.7 per cent on 31 December 2011). The Common Equity Tier 1 ratio according to Basel 3 (incl. IAS 19) was 15.4** per cent (14.3 per cent on 31 December 2011).	Full-year 2012 Compared with full-year 2011 • The result for the period amounted to SEK 14 438m (11 744) • Earnings per share before dilution amounted to SEK 12.24* (9.53) and earnings per share after dilution amounted to SEK 12.19* (9.52) • The return on equity was 14.4 per cent (12.2) • The cost/income ratio was 0.46 (0.54) • Net interest income increased by 11 per cent to SEK 21 188m (19 014) • Profit before impairments increased by 26 per cent to SEK 19 671m (15 646) • Swedbank reported net credit impairments of SEK 687m (net recoveries of 1 911) • The Board of Directors has adjusted the dividend policy to 75% of the profit for the year (50%) and proposes a dividend per share of SEK 9.90 for both the ordinary shares and preference shares (5.30) to the Annual General Meeting.
Source: Swedbank - Full report is found here

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