Swedbank AB (SWED-A.ST) on Tuesday posted lower profit in the first quarter of 2025, impacted by lower net interest income and credit impairments. The company's total income also declined from last year.
The Nordic-Baltic banking group posted pre-tax profit of SEK 10.43 billion in the first quarter, that edged down 2 percent from SEK 10.65 billion in the same period last year.
The company's net profit for the period declined 3 percent to SEK 8.19 billion or SEK 7.26 per share from SEK 8.43 billion or SEK 7.47 per share in the year-ago quarter.
During the three-month period, total income came in at SEK 17.33 billion, a 4 percent decline from SEK 18.09 billion in the previous-year quarter.
Net interest income also fell 9 percent to SEK 11.49 billion from SEK 12.6 billion in the first quarter of 2024.
The company's net gains and losses on financial items fell 21 percent to SEK 541 million from SEK 682 million a year ago. Credit impairments were negative SEK 141 million, compared to SEK 144 million in the prior-year quarter.
Commenting on the results, President and CEO Jens Henriksson said, "Swedbank stands strong in uncertain times".
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