Swedbank first-quarter profit above forecast, says cooperating with U.S. authorities
FILE PHOTO: A woman walks past a Swedbank branch in Riga October 21, 2014. REUTERS/Ints Kalnins
STOCKHOLM (Reuters) – Swedish bank Swedbank reported first-quarter profit above market expectations on Thursday but admitted to past anti money-laundering shortcomings and said it was cooperating with authorities, including those of the United States.
Operating profit rose to 6.63 billion Swedish crowns ($703 million), from 6.39 billion a year earlier. Analysts on average were expecting operating earnings of 6.09 billion, according to a poll.
Swedbank is the subject of a joint investigation by the Swedish and Baltic financial watchdogs. Broadcaster SVT reported the bank processed gross transactions worth up to 20 billion euros a year from high-risk, non-resident clients, mostly Russian, through its Estonian branch between 2010 and 2016.
Reporting by Johan Ahlander; editing by Niklas Pollard