STOCKHOLM, (Reuters) – The fourth quarter operating results of Swedish bank Handelsbanken were record-breaking. They reported record earnings due to rising income and lower loan losses.

The 150-year-old firm’s operating profits rose from 5.38 trillion to 6.37 billion ($697.43m) during the same period.

However, with its Danish and Finnish businesses, which the bank will be closing, Swedbank’s rival, SEB, and Finland’s Nordea, reported operating profits of 6.53 billion crowns for the quarter. That was above the expectations.

According to Refinitiv data the median analyst prediction was for operating earnings at 6.40 billion per quarter.

The onset Omicron in late 2013 disrupted the recovery of the Swedish economy. However, booster shots and more mild symptoms allowed authorities to swiftly lift restrictions.

Handelsbanken’s main markets include Sweden, Norway, and Britain. Its net interest income, which includes its Danish and Finnish arms, rose to 8.11 Billion crowns, from 7.86 Billion a year ago, beating the analysts’ 7.89 billion.

Commission income, boosted by brisk business and M&A activity over the past year, climbed to 3.47 billion crowns in the quarter from a year-ago 2.88 billion, higher than the 3.11 billion mean analyst estimate.

Handelsbanken was able to weather the pandemic thanks to its low-risk business model that is decentralized. However, net credit loss fell to nearly zero and spending rose slightly as a result of the development costs paid in the quarter.

($1 = 9.1335 Swedish crowns