Swedbank reports smaller-than-expected fall in fourth-quarter profit [Reuters]
SWEDBANK AB S/ADR (SWDBY)
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Source: Reuters
Swedbank reports smaller-than-expected fall in fourth-quarter profit (Reuters) - Sweden’s Swedbank ( SWEDa.ST ) reported a smaller-than-expected fall fourth-quarter profit on Tuesday as costs rose in part due to fall-out from the Baltic money-laundering scandal. Net profit fell to 4.43 billion Swedish crowns ($466 million) from 4.59 billion a year earlier, but topped the 4.26 billion expected by analysts, a Refinitiv poll showed. “Income grew, but expenses and credit impairments were also higher,” CEO Jens Henriksson said in the bank’s results statement. “It has become more expensive to operate a bank,” he said. Expenses rose by 26% to 5.55 billion crowns, largely due to increased costs for money-laundering investigations but also higher IT and staff costs. Swedbank said it expected to complete its money laundering prevention action plan this year. The lender is alleged to have processed suspect gross transactions of up to 20 billion euros ($22 billion) a year from mostly Russian no
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