Swedbank announced lower profits for the third quarter of 2024. The Swedish banking giant reported earnings of 11.1 billion kronor before specific charges. This compares to 13.2 billion kronor during the same period last year.
Net interest income dropped to 10.8 billion kronor from 12.2 billion. This measure reflects what banks earn from the difference between lending and borrowing rates. Fee income also declined to 4.1 billion kronor from 4.3 billion.
The profit decline comes during a period of economic uncertainty across Sweden. Banks face challenges with changing interest rate environments. Swedbank remains one of Sweden's largest financial institutions with strong market presence.
Why did Swedbank's profits decrease? Higher funding costs and competitive pressures likely contributed to the weaker results. The banking sector globally faces similar challenges as central banks adjust monetary policies.