Wed, 3 Nov 2010: Bankers smiling as the money rolls in…



Swedbank said that its operations in the region had a quarterly profit for the first time since 2008, while Nordea became profitable in the second quarter of this year. At the height of the crisis in the Baltic countries, which suffered the deepest recessions in the European Union last year, Swedish banks were saddled with more than 10 billion kronor (1 billion euros) of loan losses in the second quarter of 2009 alone. Swedbank, SEB and Nordea all sold shares to replenish capital and cover an increase in bad debt. “The Swedish banks took a beating during the economic crisis because of their exposure to the Baltics, but investors would be wise to notice that these banks, which are already well capitalized, seem to have ridden o... Read the rest of this entry »

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