Swedbank Declares Special Dividend as 4Q Net Profit Beat
February 02 2022 - 2:18AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Swedbank AB on Wednesday reported a fourth-quarter
net profit that slightly beat expectations and declared a special
dividend.
Quarterly net profit rose to 4.84 billion Swedish kronor ($520.8
million) from SEK4.51 billion, while net interest income slipped
0.2% to SEK6.55 billion.
Analysts polled by FactSet had expected net profit of SEK4.79
billion and net interest income of SEK6.61 billion.
The Swedish bank declared a dividend for 2021 of SEK9.25 a share
plus a special dividend of SEK2 a share.
The bank reported loan loss reversals of SEK67 million, from
losses of SEK523 million last year.
The cost cap of SEK20.5 billion excluding expenses related to
money laundering investigations for 2022 remains unchanged, but now
also excludes the new bank tax, it said.
"We are carefully monitoring the pandemic, which is currently
causing large numbers of people to call in sick from work in
society at large and among Swedbank's staff," Chief Executive Jens
Henriksson said.
The bank added that the U.S. authorities are continuing to
investigate the bank over anti-money laundering and combating
financing of terrorism and the various investigations are at
different stages.
The bank's common equity Tier 1 ratio--a measure of financial
strength--was 18.3%, compared with 17.5% in the year-earlier
quarter.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
February 02, 2022 02:03 ET (07:03 GMT)
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