Swedbank AB (publ) (SWED_A) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and thank you for dialing into Swedbank's first quarter result presentation. My name is Magnus Alvesson, Acting Head of Investor Relations, and I have with me here our CEO Jens Henriksson and our CFO Jon Lidefelt. Jens and Jon, we'll start with the presentation and then there will be an opportunity for questions. Jens, I hand over to you. Thank you, Magnus. Swedbank has once again delivered a strong result. in uncertain times. We are creating value for our customers and shareholders in both good and bad times. When I presented our results three months ago, I said that the global economy was weak, but that falling interest rates were cautiously beginning to have a positive impact on economic development. Since then, uncertainty has increased. During the quarter, the European Central Bank and the Riksbank cut their policy rates, while the Federal Reserve held its rate unchanged. Economic activity was strong in Lithuania, while the development in Estonia, Latvia and Sweden was more cautious. After the end of the quarter, uncertainty has reached new heights. Twice a year, the world's decision makers meet at the IMF, and the foundation for the meeting is the IMF's World Economic Outlook, which a week ago stated that, and I quote, global growth is expected to decline and downside risk to intensify as major policy shifts unfold, end of quote. The situation is so uncertain that the IMF presents three different forecasts for the global economy. But in all cases, they foresee lower global growth for both 2025 and 2026. But even in this new situation, our four home markets stand out. Strong public finances, low government debt, real wage growth, innovative companies, profitable banks and lower rates means that our home markets remain well prepared for the future. D...