July 16, 2013 / 5:22 AM / in 4 years

Swedbank Q2 operating profit misses forecasts

STOCKHOLM, July 16 (Reuters) - Swedish banking group Swedbank posted a second-quarter operating profit that missed forecasts on weaker-than-expected net items at fair value and on an unexpected writedown related to its IT system.

Operating profit fell 3 percent to 4.4 billion crowns ($657.6 million), missing a mean forecast for 4.6 billion seen in a Reuters poll of analysts.

The bank said it was waiting for approval on its advanced models to calculate risk weights on its corporate book. Based on the financial regulator’s final proposal on mortgage risk weights, it believs its common equity tier 1 capital ratio needs to be around 15 percent according to Basel 3.

$1 = 6.6905 Swedish crowns Reporting by Mia Shanley

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