Swedbank sees first-quarter loss as costs, COVID-19 weigh [Reuters]
SWEDBANK AB S/ADR (SWDBY)
NASDAQ:AMEX Investor Relations:
swedbank.com/investor-relations
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Source: Reuters
Swedbank sees first-quarter loss as costs, COVID-19 weigh STOCKHOLM (Reuters) - Swedbank ( SWEDa.ST ) will report a first-quarter loss due to rising costs, credit impairments related to the COVID-19 outbreak, as well as a previously announced fine after a money laundering-related investigation, it said on Wednesday. “The Swedish Financial Supervision Authority imposed administrative penalty of SEK 4 billion ($397 million), credit impairments equivalent to around SEK 2.2 billion together with rising expenses are expected to lead to a negative result during the first quarter of 2020,” Swedbank said.
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