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Swedbank (SWED) investor relations material
Swedbank Pre-Close Call summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
The call covered Q3 2025 macro trends, P&L highlights, and capital commentary, focusing on publicly available data and recent events.
Regulatory and acquisition updates were discussed, including pending deals and their expected impact.
Trading performance and revenue trends
Swedish krona appreciated against the USD and depreciated against the euro on average, impacting P&L.
Mortgage rates in Sweden were reduced multiple times during the quarter, with negotiated rates down 30 basis points.
Swedbank's mortgage volumes declined by 0.1% while the market grew 2.4%; market share remained at 22%.
Corporate lending volumes grew 4% year-on-year, outpacing the market's 2.4% growth; market share stable at 15%.
Retail and corporate deposits in Sweden and the Baltics showed year-on-year growth, though Swedbank's growth lagged market averages.
Profitability and margins
Net interest income affected by timing differences in loan and liability repricing; positive effects from policy rate cuts materialized earlier on liabilities.
Asset management fees benefited from strong stock market performance in Sweden, the US, and Europe.
Card commissions seasonally higher in Q3; salary costs seasonally lower in the Baltics.
VAT refund of SEK 197 million received in July positively impacted Q3 costs.
Full-year cost guidance for 2025 is SEK 26.5 billion, with actual costs expected to be lower due to VAT recoveries.
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