April 23, 2020 / 5:13 AM / a month ago

Swedbank swings to Q1 loss on Baltic fine, coronavirus hit

STOCKHOLM, April 23 (Reuters) - Swedish bank Swedbank on Thursday reported its first quarterly loss since 2009, as it was hit by both coronavirus-related credit losses and a record fine for poor anti-money laundering controls.

Swedbank recorded a net loss of 1.69 billion Swedish crowns ($167.32 million) compared to a 5.27 billion gain for the first quarter of 2019.

Swedbank said on April 8 that it expected to report a loss for Q1 of 2020. ($1 = 10.1004 Swedish crowns) (Reporting by Colm Fulton; Editing by Johan Ahlander)

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