Finance
Swedbank First-Quarter Profit Beats, Costs Kept in Check
- Bank has instituted a hiring freeze to control staff costs
- Net interest income is now dropping from a peak last quarter
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Swedbank AB reported first-quarter profit that beat analyst estimates, with costs better than estimated, in contrast with its Swedish peers.
Net income at the bank rose 11% from a year ago, to 8.43 billion kronor ($777 million), according to a statement Thursday. Analysts had penciled in 8.13 billion kronor. The shares rose as much as 2.6% at 9:57 a.m. in Stockholm.