Swedbank reports FY2024 profit of SEK 34.9 billion and proposes SEK 21.70 dividend

Swedbank reported on 23 January 2025 a full-year 2024 profit of SEK 34.9 billion, up 2% from SEK 34.1 billion in 2023, and said its board intended to propose a dividend of SEK 21.70 per share, equivalent to 70% of profit.

Total income rose 1% to SEK 74.1 billion from SEK 73.1 billion. Net interest income fell 3% to SEK 49.3 billion, while net commission income increased 11% to SEK 16.7 billion. Total expenses rose 5% to SEK 25.4 billion, and the cost/income ratio was 0.34, compared with 0.33 a year earlier.

Return on equity was 17.1% for the year, against 18.3% in 2023 and above the at least 15% level the bank set out at its 2022 investor day. The common equity Tier 1 capital ratio stood at 19.8% at year-end, up from 19.0%.

CREDIT QUALITY AND DIVIDEND POLICY

Credit impairments were a net recovery of SEK 268 million for the year, compared with a charge of SEK 1.67 billion in 2023, giving a credit impairment ratio of minus 0.01%.

The board changed Swedbank's dividend policy to a payout of between 60% and 70% of annual profit. “Swedbank once again delivers a strong result supported by timing effects,” president and chief executive Jens Henriksson said in the year-end report.

In the fourth quarter, profit was SEK 8.5 billion and return on equity was 15.8%. Bank taxes and resolution fees for the full year rose 12% to SEK 4.0 billion.

Swedbank said its Sustainable Asset Register exceeded SEK 120 billion at year-end, and that it would present an updated strategic plan at a new investor day before the summer.