Swedbank Q2 Supported by Improved Financial Markets, Lower Expense and Reduced Credit Costs
Swedbank AB (Swedbank or the Bank) reported net attributable income of SEK 4.8 billion in Q2 2020, up compared to net loss of SEK -1.7 billion in Q1 2020 but down 9% Year-on-Year (YoY). The improvement Quarter-on-Quarter (QoQ) was largely driven by higher net gains on financial items and lower credit impairments. In addition, Q1 2020 included the impact of the Anti-Money Laundering (AML)-related fine of SEK 4 billion imposed by the Swedish authority. As a result, the Bank's ROE stood at 13.5% in Q2 2020, compared to 6.5% in Q1 2020 (excluding the fine).
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