April 28, 2014 / 5:16 AM / in 3 years

Swedbank Q1 profits in line with forecasts

STOCKHOLM, April 28 (Reuters) - Swedish banking group Swedbank on Monday posted a first-quarter net profit that was in line with forecasts but said events in Ukraine could delay an anticipated increase in credit demand.

Net profit for continuing operations rose to 3.98 billion Swedish crowns ($607 million), just beating a mean forecast for 3.96 billion seen in a Reuters poll of analysts and compared with 3.66 billion in the year-ago period.

The Swedish bank said it had seen good customer activity and a favourable stock market climate that impacted business positively in the quarter.

“At the same time, the quarter has been marked by events in Ukraine, creating uncertainty in the global economy. To date we have not seen any financial effects of the crisis in our business,” CEO Michael Wolf said in a statement.

$1 = 6.5898 Swedish Crowns

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