By Niklas Pollard
STOCKHOLM (Reuters) -Swedish banking group Swedbank reported a net profit for the second quarter that beat market expectations on Thursday but said the global economy remained marked by uncertainty with weakening activity in its main market Sweden.
The bank said in a statement its net profit for the period fell to 7.89 billion Swedish crowns ($810 million) from a year-ago 8.60 billion but came in above a mean forecast of 7.18 billion in a LSEG poll of analysts.
Sweden’s biggest mortgage lender published its results shortly after regional peer Nordea delivered a beat on earnings while domestic rivals SEB and Handelsbanken presented their reports on Wednesday.
Nordic banks have seen central bank rate cuts across the region weigh on interest over the past year while uncertainty over U.S. tariffs and any European retaliation has clouded the outlook for lenders and the economies they serve.
“In general, I’d say there’s not exactly a wet blanket (over markets) but rather a wait-and-see attitude,” CEO Jens Henriksson said in a conference call with reporters.
Swedbank said its net interest income, which includes revenues from mortgages, fell to 10.92 billion crowns from 12.17 billion a year earlier, narrowly topping the 10.90 billion seen by analysts.
($1 = 9.7352 Swedish crowns)
(Reporting by Niklas Pollard, editing by Louise Rasmussen)
