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MarketScreener Homepage  >  Equities  >  NASDAQ OMX STOCKHOLM  >  Swedbank    SWED A   SE0000242455

SWEDBANK

(SWED A)
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Swedbank : 3Q Net Profit Drops Amid Tough Competition and Higher Costs

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10/23/2019 | 01:17am EST

By Dominic Chopping

STOCKHOLM--Swedbank AB (SWED-A.SK) on Wednesday posted a bigger-than-expected drop in third-quarter net profit as the bank faced tough competition and higher costs.

"We are seeing tough competition in every product area from both new and established players, and we have to quickly be able to deliver new solutions to our customers," said newly-appointed Chief Executive Jens Henriksson.

"The quarterly result was also weighed down by higher expenses. In addition to a number of one-off items, we have spent more to manage the ongoing government investigations and to take measures to strengthen our anti-money laundering processes," he said.

Swedbank came under scrutiny in February after a Swedish broadcaster reported that billions of dollars of illicit funds may have passed through the bank's Estonian branch. Former Chief Executive Birgitte Bonnesen was ousted in March from the bank over the scandal.

In April Swedbank set up an anti-financial crime unit within the bank and appointed law firm Clifford Chance to lead an internal investigation.

Swedbank said Wednesday that conclusions from Swedish and Estonian authorities' investigations are expected to be finalized early next year.

The bank reported a quarterly net profit of 4.66 billion Swedish krona ($483 million), down from SEK5.53 billion in the preceding quarter, while net interest income rose 3.6% to SEK6.55 billion.

Analysts polled by FactSet had expected net profit of SEK4.74 billion with net interest income of SEK6.6 billion.

The bank's common equity Tier 1 ratio--a measure of financial strength--was 16.3%, down from 24.3% in the year-earlier quarter.

Write to Dominic Chopping at dominic.chopping@wsj.com

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Financials (SEK)
Sales 2019 45 110 M
EBIT 2019 25 287 M
Net income 2019 19 578 M
Debt 2019 -
Yield 2019 6,75%
P/E ratio 2019 7,40x
P/E ratio 2020 7,61x
Capi. / Sales2019 3,20x
Capi. / Sales2020 3,17x
Capitalization 144 B
Chart SWEDBANK
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Technical analysis trends SWEDBANK
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TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 161,32  SEK
Last Close Price 129,10  SEK
Spread / Highest target 87,5%
Spread / Average Target 25,0%
Spread / Lowest Target -1,63%
EPS Revisions
Managers
NameTitle
Jens Olof Henriksson President & Chief Executive Officer
Hans Göran Persson Chairman
Anders Karlsson Chief Financial Officer
Anders Ekedahl Head-Group Information Technology
Bodil Maria Eriksson Independent Director
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