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Swedbank’s year-end results 2011: SEK 11.7 billion profit


Swedbank continues to show a positive trend with a result for the full year of SEK 11.7 billion. Despite an uncertain macro economic outlook, Swedbank is well positioned to meet both any eventual external stress just as well as customers’ needs. Increased customer satisfaction, cost awareness and efficiency are in focus in 2012.

“We leave a good year behind us. After three years work we have laid a robust platform regarding financial stability including capital, liquidity, and funding which gives us a strong position to work from. We are therefore well equipped, despite the uncertain times, and we have a unique position to grow with our customers, commented Swedbank’s CEO Michael Wolf.

Profit in the fourth quarter decreased to SEK 965 million, from SEK 3 475 million in the third quarter 2011. The write-down of good will in Latvia of SEK 1 913 million during the fourth quarter contributed to the decrease. Profit for the full year increased to SEK 11 744 million, from SEK 7 444 million the previous year.

In 2012, improved customer satisfaction, cost awareness and efficiency are in focus.

“We will implement several measures during 2012 to strengthen our work with our customers. At the same time we need to become even more efficient and cost-concious to meet the increased global uncertainty and achieve a competitive advantage within efficiency,” commented Michael Wolf.

As part of the efficiency measures, Swedbank has the intention to decrease costs by around SEK 1 billion in 2012, against 2011, excluding variable staff costs.

Credit quality in the bank remains good and the bank reported net recoveries of SEK 174 million in the fourth quarter.

The results in more detail

Profit before impairments was SEK 3 709 million in the fourth quarter (SEK 3 859 million in the third quarter 2011).
The return on equity was 3.9 per cent in the quarter (14.4). Earnings per share before dilution amounted to SEK 0.88 (3.12) and earnings per share after dilution amounted to SEK 0.88 (3.11).

The Board of Directors has proposed a SEK 5.30 dividend per share for both the common shares and preference shares, in line with the bank’s dividend policy of 50 per cent of the profit for the year.

Swedbank’s core Tier 1 capital ratio, according to Basel 2, increased during 2011 to 15.7 per cent from 13.9 per cent 31 December 2010, despite dividend and repurchases.

Interim report, fourth quarter 2011

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