Swedbank shares shine on Q1 profit beat

Skandinaviska Enskilda Banken AB (publ)

29/04/2025 09:34

** Shares in Swedbank SWEDa.ST rise 4% after the Swedish lender's Q1 net profit beat analysts' expectations

** Swedbank posted Q1 net profit at SEK 8,196 million ($852.86 million), 7% above company-provided consensus

** Growth was mainly driven by lower operating costs and an unexpected impairment reversal, rather than strong revenue growth, Jefferies says

** J.P.Morgan notes that also delivery on net interest income (NII) is solid with NII 2% ahead of consensus, despite being down -6% quarter-on-quarter

** Swedbank's expenses were lower than feared due to seasonally lower IT and consulting expenses as well as a VAT reimbursement of SEK 205 million

** Swedbank shares, on track for their best day in four months, are heading for a seven-session winning streak

** Shares in local peer SEB SEBa.ST slide 1% at 0830 GMT after the lender posted roughly in-line Q1 results, while costs were higher than expected

($1 = 9.6100 Swedish crowns)

 (Reporting by Agnieszka Olenska)

 ((Agnieszka.Olenska@thomsonreuters.com;))