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Swedbank Q1 profit above forecast, says cooperating with U.S. authorities

Credit: REUTERS/Ints Kalnins

Swedish bank Swedbank reported first-quarter profit above market expectations on Thursday but admitted to past anti money-laundering shortcomings and said it was cooperating with authorities, including those of the United States.

STOCKHOLM, April 25 (Reuters) - Swedish bank Swedbank SWEDa.ST reported first-quarter profit above market expectations on Thursday but admitted to past anti money-laundering shortcomings and said it was cooperating with authorities, including those of the United States.

Operating profit rose to 6.63 billion Swedish crowns ($703 million), from 6.39 billion a year earlier. Analysts on average were expecting operating earnings of 6.09 billion, according to a poll.

Swedbank is the subject of a joint investigation by the Swedish and Baltic financial watchdogs. Broadcaster SVT reported the bank processed gross transactions worth up to 20 billion euros a year from high-risk, non-resident clients, mostly Russian, through its Estonian branch between 2010 and 2016.

($1 = 9.4288 Swedish crowns)

(Reporting by Johan Ahlander; editing by Niklas Pollard)

((johan.ahlander@thomsonreuters.com; +46 707 211027; Reuters Messaging: johan.ahlander.reuters.com@reuters.net))

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