The bank is facing unexpected costs from fraud problems - $400 million (equivalent to SEK 3.7 billion) - and, on top of that, the negative effects of the war in the Middle East, estimated to cost $300 million.
Pre-tax profit for the quarter fell to $9.4 billion, compared with an average analyst forecast of $9.6 billion, according to Bloomberg.
The stock has fallen just over 5 percent in morning trading, reducing the year-to-date gain to 8 percent.
What do you think?