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Swedbank Q2 net profit beats forecast

Peter Kollanyi | Bloomberg | Getty Images

Swedish banking group Swedbank reported a bigger than expected rise in second-quarter net earnings on Wednesday on the back of higher income from trading and a reversal of credit impairments.

Swedbank said in a statement net profit rose to 6.01 billion Swedish crowns ($678.9 million) from a year-ago 4.75 billion to come in above a mean forecast for 5.35 billion in a poll of analysts.

Previously announced one-off items, where a capital gain from the sale of a stake in credit information provider UC more than offset an IT-related impairment, also helped boost results in the quarter.

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