Economy

Banks Bounce Back

Swedish banks are bouncing back after the financial crisis, as 3 major high street banks presented their quarterly reports Wednesday.

All of Sweden's large high street banks are in the black, despite market predictions.

Swedbank was expected to post a loss, but ended up with a $150 million profit instead. Nordea posted a profit of $1.157 billion, bigger than analysts expectations, while SEB was in the black by $519 million.

Nordea's CEO Christian Clausen is critical of the current low interest rates, however, telling the news agency TT that they make it difficult for them to make any money.

All three banks also reduced their credit losses, according to Swedish Radio News, including in the troubled Baltic markets. Clausen told TT he expects to recoup even more of the losses this year, saying that the recovery is happening at quite a fast pace, but that it is still fairly fragile.

SEB's CEO Annika Falkengren says the economic development in the Baltics is still weak, and that they will maintain a conservative line in dealings with the area.

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