Business News
Sweden's Swedbank reports 1.4 billion dollar loss
Feb 9, 2010, 9:48 GMT
Stockholm - Swedish banking group Swedbank on Tuesday posted a net loss of 10.4 billion kronor (1.4 billion dollars) for 2009, higher than analysts had predicted.
A year ago the group posted a profit of 10.8 billion kronor.
Total income in the year declined 4 per cent to 20.7 billion kronor.
'2009 will be remembered as one of the most turbulent years in Swedbank's history. The financial crisis in the Baltic countries, Ukraine and Russia entailed large provisions,' Swedbank chief executive Michael Wolf said in a comment.
The outlook for 2010 was challenging, Wolf said, adding that 'a profit for the full-year 2010 is feasible' if the global economy continues to develop positively.
Fourth-quarter loan losses and provisions were 5 billion kronor, down 18 per cent compared to third-quarter 2009.
Swedbank has some 9 million private customers and 600,000 corporate customers at branches in Sweden, the Baltic countries and Ukraine.
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