Swedbank AB said Thursday that first-quarter net profit rose and that it has set up an anti-financial crime unit, as the lender seeks to weather a money-laundering scandal roiling Nordic banks.
The bank made a quarterly net profit of 5.27 billion Swedish kronor ($561 million), up from SEK4.59 billion in the preceding quarter, while revenue rose 6% to SEK11.36 billion.
Swedbank said it gained from improved market conditions and higher loan volumes, despite increased expenses due to investigations.
Swedbank came under scrutiny in February after a Swedish broadcaster reported that billions of dollars of illicit funds may have passed through the bank’s Estonian branch. Former Chief Executive Birgitte Bonnesen was ousted from the bank last month over the scandal.
Acting Chief Executive Anders Karlsson said Thursday he will set up an anti-financial crime unit within the bank and Swedbank has appointed law firm Clifford Chance to lead an internal investigation. Financial regulators in the U.S., Sweden and three Baltic countries have launched probes into the bank’s risk management and controls.