Swedbank (SWED) Q3 2026 earnings summary

Executive summary

• Q3 net profit was SEK 8,249m, up 15% QoQ; return on equity was 15.6%, or 16.0% adjusted.

• Strong customer activity and lending growth supported quarterly results; nine-month profit fell 7% YoY to SEK 22,789m as higher costs, restructuring charges and the DFS settlement weighed.

Financial highlights

• Total income was SEK 17,986m, down 1% QoQ; expenses fell 6% to SEK 7,417m, while profit before tax rose 15% to SEK 10,541m.

• Net interest income was SEK 11,568m, up 3% QoQ on higher volumes and ECB rates, partly offset by increased funding costs.

• Net commission income was SEK 4,704m, up 5% QoQ; market performance, net inflows, seasonal card income and lending fees supported growth.

• Q3 extraordinary costs were SEK 673m, including a SEK 483m DFS settlement fee; YTD extraordinary costs were SEK 1.05bn.

• Net credit impairments were a SEK 701m release, including a SEK 543m positive revaluation tied to the non-performing loan portfolio sale.

Outlook and guidance

• Home-market growth is forecast at 2–3% in 2026; global growth is forecast at 3%, with real wages, purchasing power and investment supporting activity.

• Long-term targets remain RoE of at least 15%, cost/income ratio no higher than 0.40, normalized CET1 buffer of 200 bps and dividend payout of 60–70%.

• Cost program targets a SEK 1bn lower annual run-rate by end-2028; 2027 investment is expected to be offset by synergies.

• Swedish mortgage model implementation is expected in Q4 2026; Baltic corporate models are planned for Q1 2027.