Swedbank, one of Sweden’s four largest retail
banks, has posted a first quarter net profit of SEK3.9bn ($644m),
compared with SEK536m in the corresponding period in the prior
fiscal.
Swedbank’s retail division increased its net
profit for the three months to end-March by a third to
SEK1.6bn.
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The surge in retail profits was boosted a 20%
increase in net interest income to SEK2.9bn from the year-ago
quarter.
Net commission income at Swedbank’s retail
unit grew by 3% year on year to SEK1.1bn.
But customer loans in the retail division
remained unchanged at SEK876.5bn compared with the corresponding
quarter last year.
Retail credit impairments fell from SEK88m in
the first quarter of 2010 to SEK5m as of 31 March 2011.
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By GlobalDataSwedbank’s NII up 12.5%
YOY
On group level, Swedbank’s net commission
income for the first three months of fiscal 2010 remained stable at
SEK2.3bn; net interest income grew by 12.5% from the first quarter
a year ago to SEK4.5bn.
The bank’s cost-income ration improved further
from the corresponding quarter in 2010, falling from 57% to
52%.
The leap in Swedbank’s first quarter net
profit resulted from a one-off gain from a settlement with Lehman
Brothers’ bankruptcy estate, as well as higher gains in the Baltic
states, Russia and Ukraine.
