Swedbank FY20 Affected by LLPs and Conduct Costs
Swedbank AB (Swedbank or the Bank) reported a net profit of SEK 12,929 million in 2020, down 34% compared to 2019. The result was significantly affected by the SEK 4 billion fine imposed by the Swedish authority in March 2020 over serious anti-money laundering (AML) misconduct and higher loan loss provisions (LLPs). Excluding the one-off fine, net profit was SEK 16,929 million, down 14% vs. 2019. On a quarterly basis, net profit was SEK 4,510 million in 4Q 2020, down 14% Quarter-on-Quarter (QoQ) but up 2% Year-on-Year (YoY). Excluding the fine, Swedbank's Return-on-Equity (ROE) was 11.4% in 2020 down from 14.7% in 2019 but still above the European average.
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