Swedbank's Q2 income rises 6% but profit dips
Swedbank's Q2 income rises 6% but profit dips
Overview
Sweden-based retail bank's Q2 total income rose 6% from Q1 on strong volume growth
Net profit and EPS for Q2 declined slightly from the prior quarter
Q2 included extraordinary costs tied to DFS settlement, closing all historical investigations
Outlook
Swedbank says it is well positioned for sustainable growth and profitability
Swedbank says new organisation supports delivery of its financial plan
Result Drivers
VOLUME GROWTH - Co said strong volume growth in all home markets supported income
EXTRAORDINARY COSTS - Q2 included extraordinary costs tied to DFS settlement, closing all investigations of historical shortcomings
Company press release: ID:nWkr3mnVt6
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 EPS |
| SEK 6.37 |
|
Q2 Net Income |
| SEK 7.20 bln |
|
Q2 Net Interest Income |
| SEK 11.28 bln |
|
Q2 CET 1 Capital Ratio |
| 17.40% |
|
Q2 Net Commission Income |
| SEK 4.46 bln |
|
Q2 Return on Equity |
| 14.20% |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 8 "hold" and 5 "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for Swedbank AB is SEK366.50, about 1.1% below its July 16 closing price of SEK370.70
The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 12 three months ago
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)