Swedbank Brings Good 2018 to Close With Mixed 4Q Results
Narrow-moat Swedbank brought a good 2018 to a close with somewhat mixed fourth-quarter results. Net profits declined 3% to SEK 4.6 billion compared with the fourth quarter last year, despite lower expenses and virtually flat net interest income. The culprits of these results can be found in weaker market conditions weighing on commission income as well as higher credit impairments. We are not overly concerned about this development at this stage, however, as it is in line with our expectations. ...Swedbank provides financial services and products in its home markets of Sweden, Estonia, Latvia and Lithuania. Co. has four segments: Swedish Banking, which is responsible for all its Swedish customers except corporates and financial institutions; Large Corporates and Institutions, which is responsible for large corporates, financial institutions and banks as well as for trading and capital market products; Baltic Banking, which operates in Estonia, Latvia and Lithuania; and Group Functions and Other. At Dec 31 2013, Co. had 731 branches and 1,396 automated teller machines. Also as of such date, Co. had total assets of SEK1.82 trillion and deposits of SEK620.85 billion.
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