Sweden · Delayed Price · Currency is SEK Swedbank AB Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 was marked by fewer days, impacting NII and NCI, while mortgage and lending volumes grew in Sweden and the Baltics. Entercard integration and the sale of its consumer finance portfolio are underway, with higher commission expenses expected to persist.
Fiscal Year 2025
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Delivered a 15.2% return on equity for 2025, with strong lending growth, improved efficiency, and a proposed SEK 29.80 per share dividend. Ongoing regulatory uncertainties and competitive mortgage margins remain key challenges.
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Corporate and retail lending and deposit growth outpaced the market in Sweden and the Baltics. Entercard acquisition will modestly impact loan losses and CET1 capital, while VAT refunds and cost guidance shape 2025 expectations.
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Strong Q3 performance with 16% ROE, cost-to-income at 0.35, and solid capital buffer. Lending and asset management volumes grew, while costs fell. Ongoing U.S. investigations and regulatory changes remain key uncertainties.
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Q3 saw mortgage rate reductions, stable market shares, and strong corporate lending growth. Acquisitions are expected to close in Q4, with cost guidance lowered due to VAT recoveries. No further policy rate cuts are anticipated.
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Q2 saw strong profitability with 15.4% ROE, stable costs, and solid credit quality, despite lower net interest and commission income. Mortgage and corporate lending volumes grew, VAT recoveries reduced costs, and the Stabelo acquisition aims to boost digital mortgage offerings.
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The plan targets a sustainable 15% return on equity by 2027, driven by income growth, cost discipline, and capital efficiency. Key initiatives include digital transformation, market share gains in core products, and expanded fee-based income, with a focus on customer experience and operational excellence.
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Strong Q1 performance with 15.2% ROE, robust capital, and solid credit quality despite economic uncertainty. Net interest income declined, but cost control and capital strength remain priorities. Baltic lending grew, Swedish mortgages declined, and sector-specific taxes pose ongoing challenges.
Fiscal Year 2024
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Full-year profit rose 2% with strong credit quality, 17.1% ROE, and a 70% dividend payout proposal. Swedish mortgage volumes declined slightly, while Baltic lending and savings grew robustly. Capital and liquidity remain strong, despite ongoing regulatory and tax uncertainties.
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Q3 net profit rose 9% to SEK 9.4bn, with strong return on equity and cost control. Lending grew in the Baltics, remained stable in Sweden, and the CET1 ratio reached 20.4%. Outlook remains positive, but risks include geopolitical uncertainty and ongoing U.S. investigations.
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Q2 2024 saw strong results with SEK 8.6 billion profit, 17.5% ROE, and solid credit quality. Net interest income fell 3% due to lower deposit margins, while commission income rose 5%. Capital and liquidity positions remain robust amid ongoing regulatory and competitive pressures.