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FINANCIALS: Swedbank 2Q24 Headlines: Loan Loss Write-Back Drives Beat

FINANCIALS

Swedbank (SWEDA: Baa1 pos/A-/AA-) results headlines look better on the loan loss write-back and CET1 beat but expectations were already relatively high (like SEB). More to follow…

  • “*SWEDBANK 2Q NET INCOME SEK8.60B, EST. SEK7.95B” - BBG
  • CET1 is 50bp ahead of expectations (at 20.1%), revenues are 2% ahead of expectations, costs only around 1-2% weaker and loan losses are a write-back where a charge was expected.
  • Pre-tax is, therefore, nearly 9% better than consensus.

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