The profit after credit losses fell to 11.8 billion kronor for the third quarter of the year. This can be compared to 13.0 billion during the corresponding quarter last year.
The net interest income, what the bank earns on the difference between lending and deposits, fell from 12.2 billion to 11.1 billion kronor. It was lower than the analysts' average forecast of 11.3 billion kronor, according to Bloomberg's compilation. If it was bad news for shareholders, Wednesday's decision on further share buybacks could pull the share price in the other direction.
The fee income, what the bank earns on, among other things, card fees, increased from 5.3 billion to 6.0 billion kronor.
"The net interest income was negatively affected by further interest rate cuts, in line with expectations. Credit demand was cautious from both corporate and private customers during the quarter. Mortgage margins remained at low levels, due to strong market competition," writes CEO Johan Torgeby in the quarterly report.
The expected credit losses, net, landed at 393 million kronor. During the same quarter last year, they were almost non-existent.
