The bank said total revenues fell by €26 million due to lower interest income.

Net interest income also fell by €28 million on year to Q1 2025, due to lower market interest rates and lending margins.

While net commission income fell by €1 million due to price list changes, other income rose by €3 million thanks to higher insurance income.

Swedbank said expenses rose by €13 million on year to Q1 2025, mainly due to higher personnel costs, CSR activities, and outsourcing, including of digital solutions.

Estimated credit losses for the first three months of 2025 amounted to €4.9 million, compared with €2.5 million for the same period in 2024.

Swedbank AS, together with its subsidiaries and group companies operating in Estonia, paid €16.9 million in labor taxes in Q1 2025, making it one of the largest labor tax payers in Estonia.

It also paid €13.1 million in corporate income tax over the same period, while in April, an additional €45 million was paid on dividends.

Swedbank said its loan portfolio continues to grow, with annual growth at 6 percent. Housing loan issuance has picked up year-on-year and compared with the previous quarter.

Swedbank AS retail loan volumes grew by 3.2 percent over the year to Q1 2025; corporate loan volumes by 8.8 percent. Deposits grew by 7 percent over the same period.

In the first three months of the year, €236 million in new loans was issued to individuals, and €338 million to companies.

The total profit of commercial banks operating in Estonia was €368 million in Q1 2025, compared with €444 million in the same quarter of 2024. Total profits rose from Q4 2024, when the figure was €291 million.

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