Nordea, SEB and Swedbank have presented their reports for the second quarter of this year in recent days. Together, the three banks earned roughly 42 billion over the past three months.
At the same time, many households are still under pressure from high mortgage interest rates. John Hassler, professor of international economics, believes that this is a sign that the competition is too bad.
– It sticks in the eyes. Banking isn’t very complicated, so it seems like it’s a little too easy to make that much money, he says.
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“A bit tough” – Hear how bank customers feel that costs have changed when interest rates are lowered. Photo: Ivan Blanco Bravo/SVT
A lack of competition may be behind it
John Hassler believes that the lack of competition may be due to the fact that switching banks can be perceived as complicated.
– Many banks engage in negotiations with the individual customer, he says and continues:
– If you avoid the negotiations, it will be easier to see what you can gain from changing banks.
Swedbank: Will follow after the Riksbank
In May, the Riksbank lowered the key interest rate by 0.25 percentage points to 3.75 percent.
At the same time, the Riksbank has announced that there may be at least two further interest rate cuts during the second part of the year.
– If interest rates are lowered in general society, then we will also lower interest rates. Exactly how much and when, that is something we tell when we act, says Jens Henriksson, CEO of Swedbank to SVT.
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“Understand that many people are having a tough time” – Hear Swedbank’s CEO Jens Henriksson about the bank earning billions of kroner from the high interest rates. Photo: Ivan Blanco Bravo/SVT