Swedbank Reports Loss
Swedish bank Swedbank, one of the four major banks in the country, showed heavier losses than expected as they published their quarterly report on Tuesday.
The net loss for the third quarter was reported to be 475 million US dollars – mainly due to the number of loans in the Baltic states and Ukraine continuing to cause the bank trouble. This can be compared to the same quarter last year when the net profit was close to 450 million dollars.
The operating loss for this years third quarter was reported to be 373 million dollars, which is worse than analysts had expected. This is the third quarter in a row that the bank has been forced to report losses, but according to news agency Reuters, the bank still maintains that they see the light at the end of the tunnel, as there are signs that the situation in the Baltic region is no longer weakening at the same rate as previously.