Swedbank Q3 net profit in line with forecasts (updated)
UPDATE 2-Swedbank Q3 net profit in line with forecasts Adds bullet points 4-5
STOCKHOLM, Oct 22 (Reuters) - Swedish banking group Swedbank SWEDa.ST on Thursday reported third-quarter net profit in line with estimates and said the business climate in the quarter was positive.
Net profit fell 3% to 8.25 billion Swedish crowns ($834.74 million) from a year-ago 8.51 billion, in line with a mean forecast of 8.24 billion in a LSEG poll of analysts
Operating profit fell 5% to 10.57 billion Swedish crowns from a year-ago 11.08 billion, below a mean forecast of 11.05 billion
Credit impairments were net positive and amounted to 701 million crowns
Swedbank estimates that the economies of Sweden, Estonia, Latvia and Lithuania will grow by 2-3% this year, twice as fast as the estimated growth rate in the euro area
Net interest income rose 7% to 11.57 billion crowns from 10.82 billion last year, but below the estimated 11.82 billion
($1 = 9.8833 Swedish crowns)
(Reporting by Johan Ahlander, editing by Terje Solsvik)
((johan.ahlander@thomsonreuters.com; +46 707 211027;))