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Profit leap for Swedbank

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Profit leap for Swedbank
A branch of Swedbank in Malmö. Photo. TT
08:37 CEST+02:00
Swedbank has seen its profits rise higher than expected.
Net profit for ongoing operations in the third quarter of the year rose to 4.56 billion kronor ($636 million), according to the Reuters news agency.
 
This was above market expectations, with a previous prediction seen by the agency put at 4.19 billion.
 
But Swedbank said it was continuing to work to make savings of around 16 billion kronor by 2016.
 
During the next two years the company is expected to shed between six and eight hundred employees, mostly through natural turnover, rather than redundancies, reports the TT news agency.
 
According to Swedbank's CEO Michael Wolf, the Ukraine crisis has not yet had a negative impact on its financial operations in the Baltic.
 
"But the fragile global economy may impact the growth of our four home markets,” he wrote in a report released on Tuesday.
 
During a conference call with news agencies, he said that Swedbank would “look carefully” at whether or not to cut interest rates, should Sweden’s national Riksbank decide to make further cuts.
 
“The Swedish mortgage market is extremely competitive, so it will depend on how the other players choose to act in connection with interest rate cuts,” he added.
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