Swedbank’s Interim report for the first quarter 2020
Swedbank's President and CEO Jens Henriksson comments: “Our main job as a bank is to do what we can to help our customers get through this difficult situation.”
First quarter 2020 compared with fourth quarter 2019
- Higher net interest income due to lower resolution fund fee and higher interest rates
- Lower income from cards and asset management negatively affected net commission income
- Negative net gains and losses on financial items due to negative valuation effects on derivatives and shareholdings
- Higher expenses due to the Swedish FSA’s administrative fine
- Higher provisions for expected credit impairments related to the effects of Covid-19 and drop in oil prices
- Solid capital and liquidity buffers
1) Other income includes the items Net insurance, Share of profit or loss of associates, and Other income from the Group income statement.
For more information, contact:
Gregori Karamouzis, Head of Investor Relations, tel + 46 72 740 6338
Unni Jerndal, Press Officer, tel +46 73 092 1180
This announcement involves the disclosure of inside information
Swedbank AB (publ) is required to disclose this information pursuant to Regulation (EU) No 596/2014 on market abuse, the Swedish Securities Markets Act (2007:528), the Swedish Financial Instruments Trading Act (1991:980) and the regulatory framework of Nasdaq Stockholm. This information was sent to be published on 23 April, 2020 at 07:00 CET.
Swedbank encourages a sound and sustainable financial situation for the many households and businesses. As a leading bank in our home markets of Sweden, Estonia, Latvia and Lithuania, Swedbank offers a wide range of financial services and products. Swedbank has over 7 million retail customers and around 600 000 corporate customers and organisations with 168 branches in Sweden and 99 branches in the Baltic countries. The group is also present in other Nordic countries, the US and China. As of 31 December, 2019 the group had operating profit of SEK 24 420 million. Read more at www.swedbank.com
