By Erik Durhan
STOCKHOLM—Swedbank /zigman2/quotes/203208387/delayed SE:SWED.A -3.13% AB swung to a second-quarter net profit on lower loan-loss provisions and said it sees macroeconomic strength in home markets.
Net profit for the three months to June 30 was 1.57 billion Swedish kronor ($212.1 million), compared to a 2.01 billion kronor net loss a year earlier and a 536 million kronor net profit in the first quarter.
The latest figure, which beat analysts' estimates for net profit of 610 million kronor, was helped by improvements in Baltic markets and lower overall credit impairments.
Loan-loss provisions stood at 846 million kronor, down from 6.14 billion kronor a year earlier and 1.78 billion kronor in the first quarter—and below analysts' estimates of 2.26 billion kronor.