Swedbank 2Q26: Lacklustre

研报英文原文证据摘录

Swedbank 2Q26: Lacklustre

Equity Research

European Banks

17 July 2026

Swedbank

2Q26: Lacklustre

First LookWe believe the main focus will be the -1% NII miss, albeit fees

beat by 4%. Whilst the cost guidance has been reiterated for

FY26 it excludes one off items and is c.SEK200m higher SWEDa.ST/SWEDA SS EQUAL WEIGHT

European Banks POSITIVE

adjusted for FX. We expect a negative share price reaction. Price Target SEK 313.00

Price (16-Jul-26) SEK 370.70

Swedbank reported 2Q26 PBT at SEK9,151m which is 1% ahead of consensus at SEK9,063m. Potential Upside/Downside -15.6%

Source: Bloomberg, Barclays Research

Revenues at SEK18,104m are 8% ahead of consensus expectations of SEK17,647m.

Net interest income at SEK11,276m is 1% below consensus of SEK11,409m and +1% QoQ as European Banks

Namita Samtani, CFAlending income (SEK480m), cash with central banks (SEK550m), was partially offset by deposit

+44 (0)20 3134 2583

expense (SEK165m) and wholesale funding costs (SEK737m)

namita.samtani@barclays.com

Barclays, UK

Deposits from the public at SEK1,349bn in 2Q26 increased +3% QoQ (1Q26 SEK1,316bn) mainly

driven by Sweden and Baltic Banking private deposits, albeit FX was a tailwind. Raghav Agrawal

+91 (0)22 6175 4711

Lending from the public at SEK1,934bn in 2Q26 grew by +2% QoQ (1Q26 SEK1,898bn) driven by raghav.agrawal@barclays.com

Swedish Corporates and Baltic Banking across private mortgage and corporates, albeit FX was a Barclays, UK

tailwind.

Fees at SEK4,462m is +4% above consensus expectations of SEK4,287m and +7% QoQ driven by

asset management, positive FX effects and a net inflow of SEK22bn.

Trading at SEK1,060m is +42% ahead of consensus expectations of SEK745m driven by

continued high business activity in fixed income and DCM, with positive revaluations in treasury.