April 8, 2020 / 5:22 AM / 4 months ago

Swedbank sees Q1 loss as costs, COVID-19 weigh

STOCKHOLM, April 8 (Reuters) - Swedbank 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. ($1 = 10.0683 Swedish crowns) (Reporting by Johannes Hellstrom, editing by Terje Solsvik)

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