October 23, 2019 / 4:46 AM / 21 days ago

Swedbank Q3 profit falls as money-laundering scandal weighs

STOCKHOLM, Oct 23 (Reuters) - Swedish bank Swedbank reported worse-than-expected third quarter profit on Wednesday, as the result was weighed down by efforts to handle the fall-out of a money-laundering scandal.

Net profit fell to 4.66 billion Swedish crowns ($482 million) compared to 5.53 billion for third quarter of last year, falling short of the mean forecast 4.81 billion in a Refinitiv poll of analysts.

The lender has lost around 40% of its market value and is under investigation in the United States, Baltics and Sweden after becoming embroiled in a money-laundering scandal in Estonia last year. ($1 = 9.6659 Swedish crowns) (Reporting by Johan Ahlander; editing Niklas Pollard)

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