Swedbank Q3 net income slightly beats expectations

Overview

• Sweden banking group's Q3 net income slightly beat analyst expectations

• Q3 net interest income missed analyst expectations

• Company cites positive business climate and credit risk model approvals as key drivers

Outlook

• Swedbank did not provide specific financial guidance for the current quarter or full year in the press release

Result Drivers

• POSITIVE BUSINESS CLIMATE - Swedbank said a favorable business environment supported results in the quarter

• CREDIT RISK MODEL APPROVALS - Co highlighted approvals of credit risk models in Sweden and the Baltics as contributing to performance

Company press release:

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 8 "strong buy" or "buy", 7 "hold" and 3 "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for Swedbank AB is SEK410.00, about 3.9% above its October 21 closing price of SEK394.50

• The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 13 three months ago

Reuters Recommended Reads

• Oct 22 - Swedish bank SEB Q3 net profit below forecast, pauses share buybacks

• Oct 21 - Sweden's Handelsbanken Q3 operating profit below consesus estimates

• Oct 21 - Norway's DNB Q3 profit falls 7.9%

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)