20.10.2015 07:30:00
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Swedbank: Interim report for the third quarter 2015
Regulatory News:
Swedbank's President and CEO, Michael Wolf comments: "Efficiency improvements are progressing faster than expected and are now allowing us to invest more to enhance customer value"
Third quarter compared with second quarter 2015
- Improved net interest income despite lower market interest rates
- Continued lending growth in Sweden and Baltic countries
- Weaker stock market reduced net commission income
- Lower net gains and losses on financial items at fair value caused by wider credit spreads and lower customer activity
- Successful cost control allows investments to be made at an earlier stage. The goal to reduce total expenses to SEK 16bn for 2016 remains unchanged
- Continued high credit quality
- Stronger capitalisation
- Negative sales trend continues for funds
Financial information |
Q3 |
Q2 |
Jan-Sep |
Jan-Sep |
|||||||||||||||||
SEKm |
2015 |
2015 |
% |
2015 |
2014 |
% |
|||||||||||||||
Total income | 9 234 | 9 315 | -1 | 28 167 | 29 925 | -6 | |||||||||||||||
of which net interest income | 5 811 | 5 704 | 2 | 17 234 | 16 833 | 2 | |||||||||||||||
Total expenses | 3 879 | 4 047 | -4 | 12 094 | 13 309 | -9 | |||||||||||||||
Profit before impairments | 5 355 | 5 268 | 2 |
16 073 |
16 616 | -3 | |||||||||||||||
Impairment of intangible assets | 254 | 254 | 1 | ||||||||||||||||||
Credit impairments | 130 | 6 | 195 | 165 18 | |||||||||||||||||
Tax expense 1) | 1 012 | 1 538 | -34 | 3 651 | 3 301 | 11 | |||||||||||||||
Profit for the period attributable to the shareholders of Swedbank AB | 3 928 | 3 666 | 7 | 11 914 | 12 652 | -6 | |||||||||||||||
Earnings per share total operations, SEK, after dilution | 3.51 | 3.30 | 10.69 | 11.40 | |||||||||||||||||
Return on equity, total operations, % | 13.5 | 13.4 | 13.8 | 15.6 | |||||||||||||||||
C/I-ratio | 0.42 | 0.43 | 0.43 | 0.44 | |||||||||||||||||
Common Equity Tier 1 capital ratio, % | 23.0 | 22.4 | 23.0 | 20.7 | |||||||||||||||||
Credit impairment ratio, % | 0.04 | 0.00 | 0.02 | 0.02 | |||||||||||||||||
1) One-off tax expense of SEK 447m during second quarter 2015. | |||||||||||||||||||||
Swedbank AB (publ) is required to disclose this information pursuant to the Swedish Securities Markets Act (2007:528), the Swedish Financial Instruments Trading Act (1991:980) and/or the regulatory framework of Nasdaq Stockholm). This information was sent to be published on 20 October 2015 at 07.00 CET.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20151019006771/en/
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