Major high street lender Swedbank has reported unchanged year-on-year (y-o-y) profits to September.
Profits of €148.2 million were the same as the figure reported for the same period in 2018, supported by higher revenue and offset by larger expenses and credit impairments, though the bank said its household and corporate lending portfolios rose from January to September 2019, by 5.8 percent and 5.5 percent respectively, BNS reports.
To September 2019, the bank said net interest income rose by 5 percent, primarily driven by increased lending volumes, and net commission grew by 6.2 percent, propelled by increased customer activity.
Additionally, net gains and losses on financial items increased 29.1 percent over the same period, mostly due to positive revaluations of bond holding, the bank said, and other income increased by 16 percent, mainly due to higher income from its insurance business.
Expenses over the period rose 12 percent, driven by higher staff-related costs and marketing and external consultancy expenses, and credit impairments came to €0.4 million.
Swedbank recently appointed Olavi Lepp as CEO and Anna Kouts as CFO. The pair had been in their roles on a temporary basis following the suspension of former CEO Rober Kitt and CFO Vaiko Tammeväli in June, following allegations that around €135 billion in potentially illicit funds had passed through Swedbank Estonia's portals over a ten-year period.
Editor: Andrew Whyte