Swedish banks SEB (SEBa.ST) and Handelsbanken both delivered better-than-expected quarterly profit gains on Wednesday to send their shares higher even as the war in Ukraine and surging inflation began redrawing the economic outlook.
During a quarter of global turmoil, the two banks whose headquarters are within shouting distance of each other in downtown Stockholm, raked in strong income from mortgages and corporate clients alike while loan losses remained marginal.