Swedish banking group Swedbank reported better-than-expected second-quarter results on Thursday, partly due to participation in several IPOs which boosted commission income.
Swedbank posted second-quarter net profit 6.3 billion sek versus mean forecast 5.5 billion sek in a Reuters poll.
Result were helped by the finalization of Visa's acquisition of Visa Europe during the quarter, which resulted in tax-exempt income of 2.1 billion crowns
Swedbank's reported second-quarter net interest income 5.7 billion sek versus mean forecast for 5.7 billion sek in Reuters poll
Higher lending volumes, especially for Swedish mortgages, and higher lending margins contributed to the increase, but were offset by slightly lower deposit margins.