RPT-Swedbank dividend hike, Q4 net profit below forecast

Tue Jan 28, 2014 1:16am EST

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STOCKHOLM Jan 28 (Reuters) - Swedish banking group Swedbank SWEDa.ST said on Tuesday it was raising its dividend for the year as it posted a fourth-quarter net profit that undershot forecasts as a write-down in its portfolio of repossessed real estate weighed.

Net profit for continuing operations fell 13 percent to 3.67 billion Swedish crowns ($570.7 million), undershooting a mean forecast for 3.96 billion seen in a Reuters poll of analysts.

The bank said the impairment of tangible assets had amounted to 311 million crowns in the quarter.

The Swedish bank, the first of the Nordic banks to report earnings for the quarter, said it would pay a 10.1 crown per share dividend for the year, up from 9.9 a year earlier but below an average forecast in a Reuters poll for 10.4 crowns per share. ($1 = 6.4312 Swedish crowns) (Reporting by Mia Shanley and Johan Ahlander)

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