Swedbank AB (SWDBY.PK), a Nordic-Baltic lender, on Tuesday reported a decrease in net profit for the second-quarter, amidst a fall in net interest income, higher expenses, and credit impairment.
For the three-month period, the company recorded a net income of SEK8.595 billion or SEK7.61 per share, lesser than SEK9.123 billion or SEK8.09 per share, reported for the same period last year.
Pre-tax profit stood at SEK10.983 billion as against previous year's SEK11.114 billion.
Credit impairment was negative SEK289 million, compared with a positive SEK188 million a year ago.
Profit before impairments, bank taxes and resolution fees was at SEK11.772 billion, lower than SEK12.456 billion in 2023.
Total expenses moved up to SEK6.465 billion from last year's SEK5.717 billion.
Net interest income declined to SEK12.165 billion from SEK12.768 billion a year ago.
Net commission income, however, stood at SEK4.169 billion, higher than SEK3.811 billion last year.
As of June 30, deposits from customers dropped to SEK1.282 million, down from SEK1.298 billion, same period last year.
As of June 30, loans to customers were down at SEK1.799 billion, compared with SEK1.803 billion a year ago.
Total income was SEK18.237 billion, up from last year's SEK18.173 billion.
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