Swedbank Reports Good 3Q on Good Income Generation Paired With Controlled Costs
Swedbank reported good third-quarter results, in line with our expectations. We maintain our fair value estimate of SEK 232 and our narrow moat rating. The good performance this quarter stemmed from loan growth of 6% year over year, stronger commission income, and a tailwind from other income offsetting lower net gains on financial instruments. Net interest income grew to SEK 6,326 million from SEK 6,208 million in the year-ago period. Strong inflows in asset management, positive asset value dev...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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