Swedbank (OMX: SWED A) reports a quarterly result of 3 425 million SEK for this first quarter of 2012. This is is more than 11% lower than last year but clearly higher sequantially. Returns on equity is 14%. Diluted earnings per share are at2.20 SEK. The numbers were above market expectations and the share has been hovering close to a 5% gain in first half of daily trading.
Core Tier 1 capital ratio as of 31.3.2012 prints at 15.9% according to Basel 2 rules, while Basel 3 Tier 1 capital ratio stands at 14.9%. The ECB liquidity boost helped drive profits at the start of the year but concerns renewed towards the end of the quarter. Swedbank continues to prepare for the weak macroeconomic scenario of a European wide recession and is cutting costs by 1 billion in 2012.
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