Swedbank Q1 Net Profit Rises

Swedbank AB (ADR) SWDBY posted a 9 percent gain in its net profit for the first quarter. Swedbank's quarterly net profit climbed to 4.32 billion Swedish kronor ($500.7 million), versus a year-ago profit of SEK3.95 billion. Its operating profit surged to 5.38 billion crowns ($625 million), versus 5.06 billion crowns. Its net interest income surged to SEK5.72 billion, compared to SEK5.48 billion. Loan losses came in at 59 million crowns. Swedbank shares rose 0.82 percent to close at $24.00 yesterday.