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Swedish bank Swedbank reported fourth-quarter profit below expectations on Tuesday as weaker stock markets and higher costs dented earnings.
Operating profit at Sweden's biggest mortgage lender fell to 5.88 billion crowns ($650 mln) from 5.93 billion a year earlier. Analysts on average were expecting earnings of 6.24 billion, according to a poll.
"Declining stock prices and higher credit spreads in the fourth quarter led to weaker commission income and lower trading results," Swedbank Chief Executive Birgitte Bonnesen told reporters in a conference call.
Net commission income at Swedbank, the first of Sweden's top banks to report fourth-quarter results, fell to 3.18 billion crowns from 3.34 billion a year earlier, missing the 3.30 billion seen by analysts.
The Swedish central bank raised rates for the first time since 2011 in December last year, taking its benchmark rate to -0.25 percent. Swedbank benefits from higher market rates.
Net interest income, which includes revenue from mortgages and loans to companies, rose slightly to 6.34 billion crowns from 6.33 billion crowns a year earlier but was also marginally lower than the mean forecast at 6.35 billion.