Swedbank 1Q 2018: Off to a Good Start, Quality Earnings Generation, as Cost Efficient as Ever
Narrow-moat Swedbank posted SEK 5 billion net income for the first quarter of 2018, indicating a 2% decline year over year that is in line with our expectation of flattish earnings for this year. We deem the results good as Swedbank managed to maintain important items within top line intact. Net interest income and net fees saw 5% and 8% increases year over year, respectively, while trading income saw a sharp 15% increase. A big chunk of the positive income was offset by a decline in other incom...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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