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Swedbank's losses worse than expected

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Swedbank's losses worse than expected
08:00 CEST+02:00
Swedbank has reported an operating loss of 2.6 billion kronor ($373.6 million) for the third quarter, a worse result than analysts expected for the Swedish bank with heavy exposure in the troubled Baltic region.

The result compares with a 3.1 billion kronor profit for the same quarter last year.

According to a survey by the Reuters news agency, analysts had on average expected Swedbank to lose about 2.2 billion kronor.

Credit losses rose to 6.1 billion kronor, compared to 812 million kronor during the third quarter of 2008.

In the crisis-hit Baltic region, where Swedbank dominates along with Nordea and SEB, Swedbank posted third quarter credit losses of 3.3 billion kronor and operating losses of 2.4 billion kronor.

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