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Swedbank beat analysts' expectations in its third-quarter results on the back of lending growth and higher income from its asset management arm.
The Swedish bank reported a net income of 5.53 billion Swedish krona ($613 billion) in the third quarter – higher than the market expectation of 4.99 billion Swedish krona, according to data firm Refinitiv.
Here are the key highlights:
"Third-quarter profit was strong and economic development in our home markets remains solid. Our core products are greatly contributing to increased income," Birgitte Bonnesen, CEO of Swedbank, said in an official statement Tuesday.
She added that lending volume is steadily growing; and the nearby Baltic states (Estonia, Latvia, and Lithuania) were seeing growth too. The company added that a "bullish stock market" has also benefited its asset management business.
Speaking to CNBC Tuesday, Bonnesen fended off any similarities to its competitor Danske Bank, which was recently caught up in a money laundering scandal. The latter reportedly allowed 200 billion euros to flow through its Estonian branch between 2007 and 2015, most of which was deemed to be suspicious.
"The important thing in this money-laundering case, that we see one of our competitors had in Estonia, is the fact that Swedbank is completely different," Bonnesen told CNBC's "Squawk Box Europe".
"We run a retail bank in four countries, we focus on domestic corporates, domestic-private individuals and that is a completely different set up. I also think there is a difference in the fact that we are a low-risk bank," she said.
Swedbank shares rose by over 1 percent in early morning trade.