SWDBF - Swedbank AB (publ) (SWDBF) Q1 2024 Earnings Call Transcript
2024-04-25 08:49:08 ET
Swedbank AB (publ) (SWDBF)
Q1 2024 Earnings Conference Call
April 25, 2024 03:00 am ET
Company Participants
Annie Ho - Investor Relations
Jens Henriksson - President and CEO
Anders Karlsson - CFO
Rolf Marquardt - Chief Risk Officer
Conference Call Participants
Magnus Andersson - ABG
Rickard Strand - Nordea
Gulnara Saitkulova - Morgan Stanley
Andreas Hakansson - SEB
Markus Sandgren - Kepler Cheuvreux
Shrey Srivastava - Citi
Hugh Moorhead - Berenberg
Jacob Kruse - Autonomous Research
Presentation
Annie Ho
Good morning everybody, and welcome to Swedbank's First Quarter 2024 Results Presentation. My name is Annie Ho from Investor Relations, and with me in the room today is Jens Henriksson; Anders Karlsson and Rolf Marquardt, our CEO, CFO, and CRO.
We'll start as usual with our presentation and follow-up with Q&A. With that, I hand over to you Jens.
Jens Henriksson
Thank you, Annie. Swedbank has again delivered a strong and sustainable result and our profit increased compared to both the previous quarter and year. Despite geopolitical uncertainties with war in Europe, turbulence in the Middle East and climate change, I still feel somewhat optimistic for the economic development. The global economy remains remarkably resilient with growth holding steady as inflation returns to target. In the U.S., inflation remained high while dropping in the Eurozone.
In Latvia and Lithuania, the recovery has been rapid and inflation has fallen to normal and low levels. Estonia is on its way out of the recession. In Sweden, the recovery is in sight and the Riksbank left the policy rate unchanged. The view that inflation is heading lower was reaffirmed and the first rate cut could happen in the second quarter. At the same time, interest rates will remain high for longer.
Despite difficult economic times, the Swedish economy have shown more resilience than expected. Consumer purchasing power remained under pressure, but there is a positive outlook. There is fiscal space in all our home markets especially comparing with the rest of Europe. Our economies expect that growth in Sweden, Estonia, Latvia and Lithuania next year will be among the highest in Europe....
Swedbank AB (publ) (SWDBF) Q1 2024 Earnings Call Transcript