2024-07-16 14:16:10 ET
Swedbank AB (publ) (SWDBF)
Q2 2024 Results Conference Call
July 16, 2024 3:45 AM ET
Company Participants
Annie Ho - Investor Relations
Jens Henriksson - President and CEO
Anders Karlsson - CFO
Rolf Marquardt - Chief Risk Officer
Conference Call Participants
Andreas Hakansson - SEB
Magnus Andersson - ABG
Gulnara Saitkulova - Morgan Stanley
Sofie Peterzens - JPMorgan
Namita Samtani - Barclays
Bettina Thurner - BNP Paribas
Martin Ekstedt - Handelsbanken
Hugh Moorhead - Berenberg
Riccardo Rovere - Mediobanca
Markus Sandgren - Kepler Cheuvreux
Shrey Srivastava - Citigroup
Presentation
Annie Ho
Good morning, everybody, and thank you for dialing in to Swedbank's Second Quarter 2024 Results Presentation. My name is Annie Ho from Investor Relations. And in the room with me is Jens Henriksson, Anders Karlsson; and Rolf Marquardt, our CEO, CFO and CRO. Let's kick off with our usual presentation and then follow up with Q&As.
So over to you, Jens, please.
Jens Henriksson
Thank you, Annie. Swedbank has again delivered a strong result, and we are creating values for our customers and shareholders in both good and bad times. In an uncertain world, economic conditions continued to improve in our 4 home markets during the quarter. Household purchasing power improved in Latvia and Lithuania, thanks to strong wage growth and falling inflation. In Estonia and Sweden, households are still cautious.
Our home markets are well positioned for the future with strong public finances and competitive firms. Indications are that growth in Sweden, Estonia, Latvia and Lithuania will be among the highest in Europe next year.
Policy rates have been lowered by both the Riksbank and the ECB. And looking ahead, we expect further cuts. At the same time, interest rates will remain high for longer. In these uncertain times, Swedbank delivered a strong result of SEK 8.6 billion for the second quarter.
Net interest income decreased by 3%, mainly due to lower deposit margins. Net commission income increased by 5% due to higher income from asset management and card provisions. Expenses increased according to plan, and we maintain a strict cost control, and the cost-to-income ratio was 0.35....
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Swedbank AB (publ) (SWDBF) Q2 2024 Earnings Call Transcript