Fall in net profits for Swedbank
Swedish bank Swedbank announced a smaller than expected dividend in its quarterly report published Tuesday. The banking group also said that its net profit for continuing operations slid 13 percent to SEK 3.6 billion in the fourth quarter, missing a mean forecast for SEK 3.96 billion, reports news agency AFP.
The Swedish bank, the first of the Nordic banks to report earnings for the quarter, said it would pay a 10.1 crown per share dividend for the year, up from the year before but below an average forecast in a Reuters poll for 10.4 crowns per share.
Swedbank suffered during 2008-2009 as a deep recession hit customers in Latvia, Lithuania and Estonia, but it was early to raise capital and has benefited from a healthy economic backdrop at home in Sweden, reports AFP. The bank said the write-off in its Ektornet portfolio of repossessed properties, mainly in the Baltics, had amounted to SEK 311 million in the quarter.