Skandiabanken (SBANK) Q1 2026 earnings summary

Executive summary

• Operating profit for Q1 2026 was 96 MSEK, up from 63 MSEK in Q4 2025, with a return on equity of 5.49% compared to 3.61% previously.

• Revenue increased to 340 MSEK from 315 MSEK sequentially, while costs decreased to 237 MSEK from 251 MSEK.

• The quarter was marked by geopolitical uncertainty and volatile financial markets, but Swedish inflation was lower than expected and the policy rate remained at 1.75%.

• The mortgage portfolio grew by 1.3%, slower than the previous quarter, due to a cautious market ahead of regulatory changes.

• New digital services and customer flexibility in loan repayments were introduced.

Financial highlights

• Net interest income rose to 290 MSEK from 276 MSEK in Q4 2025.

• Commission net increased to 44 MSEK from 34 MSEK, mainly due to lower payment service costs.

• Net result from financial transactions remained at -3 MSEK.

• Credit losses increased to -7 MSEK from -1 MSEK, reflecting higher realized losses and increased provisioning.

• Total assets grew to 139.8 billion SEK, up 2% from December 2025.

Outlook and guidance

• Economic recovery in Sweden is expected to continue, supported by fiscal stimulus and stable monetary policy.

• Inflation is projected to remain subdued in 2026, with the policy rate likely unchanged for some time.

• Regulatory changes from April 2026 are expected to stimulate the housing market by easing mortgage rules.