Interim report for the third quarter 2015
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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