Q3 2024 Swedbank AB Earnings Call Transcript
Key Points
- Swedbank AB (SWDBF) delivered a strong third-quarter result with a 9% increase, amounting to SEK9.4 billion.
- The company maintained a solid return on equity of 18.4% and a low cost-to-income ratio of 0.31.
- Net commission income increased by 3%, driven by asset management and core business activities.
- Swedbank AB (SWDBF) has a strong capital position with a buffer of 5.2 percentage points and a CT1 capital ratio of 20.4%.
- The bank continues to invest in improving its systems, fighting fraud, and enhancing customer experience, including a new digital savings platform.
- The global economy faces challenges such as geopolitical uncertainty, low growth, and high debt, impacting Swedbank AB (SWDBF)'s operating environment.
- Corporate lending in Sweden decreased by SEK7 billion, primarily due to property management, indicating a sluggish market.
- Customer deposits decreased by SEK7 billion in Sweden, reflecting seasonal effects and market conditions.
- The bank faces ongoing cyber threats, requiring high preparedness and continuous investment in security measures.
- There is uncertainty regarding the US investigations, with no clear timeline or potential financial impact, affecting capital management decisions.
Good morning and thank you for dialing into Swedbank's third quarter, 2024 results presentation. My name is Annie Ho from Investor relations and we also have our C-suite here today. Jens Henriksson, our CEO; Anders Karlsson, our CFO; and Rolf Marquardt, our CRO. We'll start with our usual presentation and follow up with Q&A.
With that I hand over to you, Jens.
Thank you, Annie. Swedbank has once again delivered a strong result, this time third supported by one-off and time in effect. We are creating value for our customers and shareholders in both good and bad times. The global economy is being challenged by increased geopolitical uncertainty, low growth and high debt. In addition, Europe needs considerable investments.
Looking at our home markets Lithuania's economy is performing strongly while Latvia is more sluggish. In Sweden and Estonia, it will take more time before households feel the impact of their stronger
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
