Swedbank Continues to Deliver Good Results in 2Q; FVE Maintained
Swedbank posted net income of SEK 11 billion for the first half of 2018, indicating a 12% increase year over year, which is higher than our expectations. The main drivers of the beat are credit impairments coming in substantially below our estimates and better-than-expected trading results. We increase our earnings estimates for 2018 by 6% to reflect the better-than-expected performance, but our longer-term expectations are intact, with credit losses in particular set to normalise from their unn...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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