2015-07-16 07:00
Interim Report January - June
Swedbank's President and CEO, Michael Wolf comments: "The dialogue with customers is driving our digital offering. Through stable profit, low risk and high cost efficiency, we create the capacity to invest in our customers.”
Interim report for the second quarter 2015
Second quarter compared with first quarter 2015
- Resilient result in low interest rate environment
- Good cost development
- Lending growth in all home markets
- Stable net interest income but pressure from lower market interest rates
- High customer activity strengthened net commission income
- Net gains and losses on financial items at fair value weighed down by valuation effects in Group Treasury
- Continued good credit quality
- One-off tax effects resulted in extra tax expense of SEK 447m
- Higher capitalisation mainly due to revaluation of pension liability
- Accelerated pace of long-term funding
- Ratings upgrades by Moody’s (Aa3) and S&P (A+)
| Financial information | Q2 | Q1 | Jan-Jun | Jan-Jun | ||
| SEKm | 2015 | 2015 | % | 2015 | 2014 | % |
| Total income | 9 315 | 9 618 | -3 | 18 933 | 19 775 | -4 |
| of which net interest income | 5 704 | 5 719 | 0 | 11 423 | 11 004 | 4 |
| Total expenses | 4 047 | 4 168 | -3 | 8 215 | 9 145 | -10 |
| Profit before impairments | 5 268 | 5 450 | -3 | 10 718 | 10 630 | 1 |
| Credit impairments | 6 | 59 | -90 | 65 | -70 | |
| Tax expense | 1 538 | 1 101 | 40 | 2 639 | 2 137 | 23 |
| Profit for the period attributable to the shareholders of Swedbank AB | 3 666 | 4 320 | -15 | 7 986 | 8 092 | -1 |
| Earnings per share total operations, SEK, after dilution | 3,30 | 3,88 | 7,18 | 7,30 | ||
| Return on equity, total operations, % | 13,4 | 14,9 | 14,1 | 15,1 | ||
| Return on equity, total operations, excl one-off effect tax expense, % | 15,0 | 14,9 | 14,8 | 15,1 | ||
| C/I-ratio | 0,43 | 0,43 | 0,43 | 0,46 | ||
| Common Equity Tier 1 capital ratio, % | 22,4 | 20,5 | 22,4 | 20,9 | ||
| Credit impairment ratio, % | 0,00 | 0,02 | 0,01 | -0,01 |