On Wednesday, Swedbank came out with its annual report in which the board proposes a dividend of SEK 15.15 per share in its financial statements for 2023.
The big bank is not alone in sprinkling money on shareholders. A compilation from the Bloomberg news agency shows that dividends of almost SEK 90 billion await the owners. That’s an increase of 24 percent in just one year.
The winning party takes place at the same time as there is talk of expensive times and many are tormented by high interest rates and food prices that have dug a hole in their wallets. Something that has received criticism from, among others, LO and the think tank Arena Idé.
– It is provocative when Swedish households are on their knees and a third of the inflation experienced by households is precisely housing costs, above all interest costs, says Elinor Odeberg, chief economist at the think tank Arena Idé to TV4 Nyheterna.
– One should take greater responsibility so that the interest margin does not become as large as it has become. That is the reason for these big profits, she continues.
“Very proud”
Swedbank’s CEO, Jens Henriksson, dismisses criticism that too much money is distributed to shareholders.
– We do this because we have earned more money from the net interest. We have a business model based on saving before borrowing, says Swedbank CEO Jens Henriksson.
– We are very proud that the board can propose a dividend of SEK 15.15 in share dividends, he says.
Are you worried that the winning party will lead to regulations?
– I would say that we have a lot of regulations for the banks. When you look at Sweden, those who credit Sweden usually say that Sweden stands out as a very stable country in which to do business.
Kcan’t you give back to ordinary people by raising the interest on the savings account?
– We have raised the interest rate on the savings account. We have raised the interest rate on the three-month savings account to 3.80 percent, and we have 2.1 percent on our e-savings account, answers Jens Henriksson
Elinor Odeberg believes that savings rates have fallen behind at the same time that lending rates have been raised at a rapid pace. She believes that the banks can contribute more to society.
– It is good that we have stable banks, but these large dividends testify that there is a very large potential for the banks to contribute more to socially important investments through taxes.