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:
- Net income: 5.53 billion Swedish krona, versus 6.01 billion Swedish krona in the second quarter.
- Total expenses: 3.99 billion Swedish krona, versus 4.26 billion Swedish krona in the second quarter.
- Common equity tier 1: 24.3 percent in the third quarter, versus 23.6 percent in the second quarter.
"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.