Swedbank AB Class A

SWED A: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 568.00	Tfzqsb	Jqj

Uneventful Third Quarter for Swedbank

Niklas Kammer

Oct 26, 2021

Narrow-moat Swedbank reported third-quarter profit before tax of SEK 6.81 billion versus SEK 6.85 billion a quarter ago. In an uneventful quarter, total income came in flat while expenses increased by 1%. Equally, credit losses of SEK 18 million versus a credit of SEK 27 million in the second quarter, barely had an impact. We increase our fair value estimate to SEK 203 per share from SEK 192 previously, although primarily driven by the time value of money since our last model update.

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