Swedbank (SWED) Q4 2024 (Media) earnings summary

Executive summary

• Net profit for Q4 2024 was SEK 8,465m, with full-year profit at SEK 34,866m, driven by high revenues and solid cost control despite a challenging macroeconomic environment.

• Return on equity for 2024 was 17.1%, with a cost/income ratio of 0.34.

• Maintained strong liquidity and capital position, with a proposed dividend of SEK 21.70 per share and a new dividend policy of 60–70%.

• Delivered growth in prioritized segments and improved operational efficiency.

• Credit quality remained strong, with low credit losses and stable capital position.

Financial highlights

• Net interest income for Q4 2024 was SEK 12,274m (flat QoQ); full-year NII was SEK 49,267m, down 3% year-over-year.

• Net commission income for Q4 was SEK 4,285m (flat QoQ); full-year NCI increased 11% to SEK 16,716m.

• Total income for Q4 was SEK 18,634m, down 3% sequentially; full-year total income rose 1% to SEK 74,104m.

• Total expenses for Q4 were SEK 6,740m, up 13% sequentially; full-year expenses increased 5% to SEK 25,376m, mainly due to higher personnel and IT costs.

• Credit losses for the year were SEK -268m, a significant improvement from SEK 1,674m in 2023.

Outlook and guidance

• Home markets expected to be among the fastest growing in Europe in 2025, with policy rate cuts anticipated and supported by strong public finances, rising real wages, and lower interest rates.

• 2025 cost guidance set at SEK 26.5bn, based on 2024 year-end FX rates.

• The bank will present an updated strategic plan before summer 2025.