UPDATE 2-Sweden's SEB posts steeper than expected profit fall as pandemic weighs [Reuters (UK)]
SVENSKA HANDELSBK UNS/ADR (SVNLY)
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Source: Reuters
Sweden's SEB posts steeper than expected profit fall as pandemic weighs - Reuters 4 Min Read STOCKHOLM (Reuters) - Sweden’s SEB ( SEBa.ST ) reported a steeper-than-expected fall in first-quarter net earnings on Wednesday as the novel coronavirus pandemic and the financial turmoil it has ushered in weighed on the bank’s trading arm and loan portfolio. The economic crisis stemming from the pandemic raises the prospect of mounting loan losses and credit impairments for banks as businesses shut their doors and lay off staff. The bank is also waiting on the outcome of the Swedish FSA’s investigation into alleged money laundering at its Baltic business, with a decision expected in June. CEO Johan Torgeby told Reuters by phone that the quarter had been a tale of two halves. “In January and February things looked great, but then we had a complete change of scene because of the coronavirus in March,” Torgeby said, adding that the bank was well capitalised to weather the pandemic. SEB said in
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