Swedbank 9 mths opg higher on strong net interest income; matches expectations |
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Wed, 24 Oct 2007 11:21
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STOCKHOLM (Thomson Financial) - Swedbank AB said its nine-month operating profit rose 11 pct to 11.476 bln skr, as growth in total revenues outpaced growth in costs, boosted by strong net interest income.Operating profit was bang in line with market expectations, according to a survey by SME Direkt.Total revenue rose 13 pct to 24.050 bln skr, and was above market expectations of 23.851 bln.Net interest income rose 19 pct to 13.898 bln skr, versus market expectations of 13.779 bln skr.'Net interest income from the lending portfolio increased by 910 mln skr through a volume increase and despite continued margin pressure. Net interest income from savings operations increased by 1.703 bln skr due to both volume increases and higher interest margins. Net interest income from other operations decreased by 389 mln skr,' Swedbank said.Net commission income rose 12 pct to 7.344 bln skr, mainly due to higher income from asset management and payment processing, the bank said.hans.chumakonde@thomson.comhc/cwCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Afternoon Interbank Intercurrency 