Swedbank net profit rises in Q2 vs Q1

2022.07.19 08:54

FILE PHOTO: The Swedbank logo is pictured on its branch in Riga October 21, 2014. REUTERS/Ints Kalnins

STOCKHOLM (Reuters) – Swedish banking group Swedbank reported a sequential rise in net earnings for the second quarter on Tuesday as higher costs somewhat offset a boost from rising income from mortgages on the back of higher interest rates.

Swedbank’s second-quarter net profit for the period rose to 4.71 billion Swedish crowns ($452.80 million) from 4.62 billion in the preceding quarter.

($1 = 10.4020 Swedish crowns)

(This story corrects to make clear profit rise is compared to Q1 and not Q2 last year)

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