STOCKHOLM (Reuters) – Swedish bank Swedbank reported first-quarter net profit above market expectations on Thursday and said higher deposit margins had boosted results.
The rival of Handelsbanken, SEB and Nordea said net profit totaled 7.56 billion Swedish crowns ($733.24 million) versus a year-ago 4.48 billion, topping a mean forecast of 6.62 billion, according to analyst estimates provided by the company.
Higher interest rates have meant that Swedish banks have increased margins on their loan business. The Riksbank raised interest rates to 3.5% on Wednesday, up from zero just over a year ago, and said a further hike was likely.
(Reporting by Johan Ahlander, editing by Terje Solsvik)
