14 Jul 2014 05:22

SEB second quarter 2014 – Operating profit SEK 5.3bn (4.8)

 
“SEB’s investments in its client business have created a stronger, more stable and efficient platform.  As a consequence, our result displays the higher activity in the corporate and capital markets in the Nordic countries”, says Annika Falkengren, SEB’s President and CEO, commenting on the second quarter results.

“Our diversified business contributed to a broad-based increase in operating income, up by 4 per cent while operating expenses decreased by 1 per cent.”

“We continued to generate capital and on a Common Equity Tier 1 capital ratio (Basel III) of 16.0 per cent, return on equity reached 13.1 per cent.”

Operating income in the second quarter amounted to SEK 11.1bn, which was 4 per cent higher than the second quarter last year. Operating expenses, at SEK 5.5bn, were 1 per cent lower than the second quarter 2013. Operating profit in the quarter amounted to SEK 5.3bn, which was up 10 per cent compared to the second quarter 2013.

Asset quality remained high. Credit losses amounted to SEK 283m, corresponding to a net credit loss level of 8 basis points. 

The liquidity coverage ratio was 127 per cent, the core liquidity reserve amounted to SEK 342bn and the total liquid resources were SEK 699bn.