Q1 2026 was marked by macroeconomic turbulence and geopolitical tensions, especially in the Middle East, leading to higher energy prices, inflation risk, and volatile markets, but conditions stabilized in April.
Market volatility drove higher demand for commodity hedging and secondary equities activity; cost consolidation efforts progressed, enabling continued investment and a SEK 1.25 billion share buyback per quarter.
Modest growth in corporate and property management lending, with strong year-over-year growth in the Baltics and Wealth & Asset Management, supported by new customer inflows.
Customer satisfaction surveys showed strong positions in cash management, fixed income, and capital markets in Sweden.
Operating profit rose 7% sequentially to SEK 9,432m, but fell 5% year-over-year.
Net profit for Q1 2026 was SEK 7,497m, with EPS at SEK 3.83 and return on equity at 13.1%.
Net interest income declined 6% year-over-year to SEK 10,242m, mainly due to lower deposit margins from lower rates.
Net fee and commission income fell 4% year-over-year to SEK 6,410m, especially in payment/card fees and securities commissions.
Net financial income dropped 28% year-over-year to SEK 1,699m.
Operating expenses declined 8% year-over-year to SEK 7,616m, with FTEs down by 250 from Q1 last year.
Cost target for 2026 updated to SEK 33 billion ± SEK 250 million, with actuals tracking below target.
Market-related fee and commission income outlook remains dependent on broader market conditions and volatility.
No changes to financial targets: 50% payout ratio, 100-300 bps capital buffer, and 15% ROE aspiration.
Share repurchases remain the main form of capital distribution when capital exceeds targets.
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