Sweden’s Top Two Banks Beat Expectations for Lending Profits

Sweden’s two biggest lenders by market value, SEB AB and Swedbank AB, reported better-than-feared lending income during the first quarter, with weakness offset by lower funding costs.

SEB’s net interest income fell 11% from a year ago to 10.5 billion kronor ($1.1 billion) while Swedbank’s shrank 9% to 11.5 billion kronor. Analysts polled by Bloomberg had forecast slightly bigger year-on-year declines at both lenders.