Swedbank's Q3 net profit rises boosted by one-off effects
Swedbank Q3 results better than expected
Q3 net profit SEK 9.1 bln vs. forecast of 7.8 bln
Result helped by one-offs, cost cuts
Recasts with analyst comment, share price reaction, adds bullet points
By Johan Ahlander
STOCKHOLM, Oct 23 (Reuters) -Sweden's Swedbank SWEDa.ST reported third quarter net profit above expectations on Wednesday, helped by cost cuts and one-off effects.
Swedbank shares rose 5.9% at 0713 GMT, outperforming the European banking index .SX7P, which was up 0.3%.
The Nordic country's biggest mortgage lender said net profit rose to 9.4 billion Swedish crowns ($889 million) from 9.1 billion a year ago and against a mean forecast of 7.8 billion in an LSEG poll of analysts.
"Swedbank once again delivers a strong result, and this time it is further strengthened by both the one-off and timing effects," CEO Jens Henriksson told reporters.
The one-off effects included revaluations in the insurance business grouped in the "other income" segment, which also includes results of partly-owned companies and derivative transactions, and which rose by 47% to 1.4 billion.
The rival to Handelsbanken SHBa.ST, Nordea NDAFI.HE and SEB SEBa.ST said interest income - which includes revenue from mortgages - fell to 12.2 billion crowns from 12.9 billion.
However, it beat analysts' mean expectations of 11.8 billion.
J.P. Morgan said in a research note net interest income and costs were better than expected and called the report "a good set of numbers".
Total expenses increased to 6 billion crowns from 5.6 billion from a year earlier, but were down sequentially due to a temporary hiring freeze and cost control.
"We maintained strict cost control and the temporary hiring freeze that we introduced before the summer is having an effect," Henriksson said.
Loan losses shrank unexpectedly to 271 million from 347 million. Analysts had predicted an increase to 359 million crowns.
Swedish peer Handelsbanken also reported third quarter net earnings above market expectations on Wednesday, as it managed to decrease costs compared to the previous quarter, sending the shares 6.1% higher.
($1 = 10.5751 Swedish crowns)
Reporting by Johan Ahlander; Editing by Anna Ringstrom, Janane Venkatramanm and Barbara Lewis
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