Swedbank AB Class A

SWED A: XSTO (SWE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SEK 549.00	Wqhld	Plc

Decent Q1 Results for Swedbank; Fair Value Estimate Maintained

Niklas Kammer

Apr 28, 2022

For the first quarter, narrow-moat Swedbank reported profits before tax of SEK 5.8 billion, 1% above company-collated consensus. On a sequential basis, total expenses were seasonally lower and in line with consensus estimates. However, profits before tax declined 4%, primarily due to credit impairments, bank taxes, and resolution fund fees that doubled. We don’t anticipate making any immediate changes to our forecasts on the back of this update, and we're maintaining our SEK 203 fair value estimate.

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