STOCKHOLM, April 25 Swedish banking group
Swedbank posted a 20 percent increase in
first-quarter operating profit that beat market expectations as
macroeconomic conditions continued to improve both at home and
"Growth is broad-based in our home markets with a positive
outlook," Swedbank CEO Birgitte Bonnesen said in a statement on
Tuesday. "Domestic spending is strong and exports are increasing
in the wake of more robust global economic conditions."
Operating profit rose to 6.31 billion crowns ($712 million)
from 5.28 billion crowns a year earlier and higher than a
forecast of 6.11 billion crowns in a Reuters poll of analysts.
Net interest income, boosted by higher lending volumes and
margins on Swedish mortgages, rose to 5.97 billion crowns from
5.46 billion crowns a year earlier and higher than a forecast
5.90 billion crowns.
Net commission income rose to 2.82 billion crowns from 2.65
billion crowns a year earlier and a tad lower than a forecast
2.84 billion crowns.
Provisions in oil related sectors rose and losses from loans
increased to 339 million crowns from 35 million crowns a year
ago. While higher, it was still better than the 428 million
crowns loss expected by analysts.
Swedbank said it expected total expenses for 2017 to be 15.8
($1 = 8.8663 Swedish crowns)
(Reporting by Johan Ahlander; editing by Niklas Pollard and