Swedbank exceeds expectations

Swedbank reports an operating profit – before write-downs, taxes, and fees – of 11.8 billion kronor for the second quarter of the year. This can be compared to 12.4 billion during the corresponding quarter a year earlier.

The result was better than expected. The average forecast was 11.4 billion, according to Bloomberg.

The net interest income – that is, what the bank earns on the difference between deposit and lending rates – fell to 12.2 billion. In the corresponding quarter a year earlier, the net interest income was 12.8 billion.

However, net commission income – what the bank earns from fees and commissions – increased to 4.2 billion compared to 3.8 billion kronor a year earlier.