Quarterly report

Unexpected Plus for Swedbank

Swedbank has shown an unexpected rise in profits during the first quarter of this year. The net profit went up to nearly 140 million dollars. Analysts had expected a loss of around 50 million dollars, as the news agency TT reports. The CEO of Swedbank, Michael Wolf, maintained that the positive trend will sustain due to the improving situation at the real estate market in the Baltic countries where Swedbank was exposed to heavy losses during the credit crunch in 2008/2009.

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