BREAKING NEWS

BREAKING NEWS

Swedbank first-quarter profit above forecast, says cooperating with U.S. authorities

Swedbank first-quarter profit above forecast, says cooperating with U.S. authorities
FILE PHOTO: Swedbank signs are seen on the bank's Latvian head office in Riga, Latvia, April 9, 2019. REUTERS/Ints Kalnins -
Copyright
Ints Kalnins(Reuters)
Text size Aa Aa

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 (£544.5 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)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.