Swedish banking group Swedbank (SWEDa.ST), opens new tab reported a second-quarter net profit that exceeded expectations on Tuesday on strong trading income and lower loan losses, and the bank’s head noted that “loan volumes remained muted” in uncertain times.

The Nordic country’s biggest mortgage lender said net profit fell to 8.60 billion crowns ($810 million), against 9.12 billion a year ago and beating a mean forecast of 7.96 billion in an LSE poll of analysts.