The bank announced that its revenues grew by €4 million in the first three months of the year compared to the same period last year, primarily due to higher interest income. This increase was mainly driven by higher returns linked to the European Central Bank's raised interest rates.

Net interest income increased by €8 million, supported by a larger loan portfolio and rising interest rates bolstered by the Euribor.

However, lower revenues from card and payment-related services decreased the net fee and commission income by one million euros, even as the turnover from client cards grew.

Swedbank's expenses increased by €4 million compared to last year. The main reasons for the rise in expenses were higher costs related to consultancy, administration and services purchased from the Swedbank group. Additionally, costs associated with digital solutions and investments also grew.

Swedbank's retail client loan volumes grew by 5 percent over the year, and corporate client loans increased by 6 percent. Deposits saw a 2 percent increase. In the first three months of the year, the bank issued new loans totaling €211 million to individuals and €226 million to companies.

The expected credit losses for the first three months of 2024 amounted to €2.5 million, compared to €2.9 million in the same period in 2023.

According to Swedbank's CEO Olavi Lepp, the bank's clients have adapted to the high-interest environment, and the level of arrears is very low in historical comparison. "This confirms that our conservative principle of issuing loans has been justified," said Lepp.

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