Another record result - more than SEK 3bn
Once again, SEB delivers its best quarterly result to date. Almost all divisions present their best summer quarter ever. Robust financial markets, strong sales and volume growth have contributed to a result exceeding SEK 3 billion. Competition remains fierce, even though margins have stabilised.
Step by step, we have invested in building a platform around the Baltic rim as well as in the 3 C-programme, focusing on customer satisfaction, cross-servicing activities and cost efficiency. These investments continue to bear fruit. More than half of the operating profit is generated outside Sweden.
SEB's position as a leading corporate bank in Northern Europe has again led to several top international rankings, including best cash-management bank and best commercial real estate bank in the Nordic region and ranked among the top 25 global custodian banks. Actions taken to deliver the Group's full service, competence and products, i.e. One SEB, to our customers have led to increased customer satisfaction and higher volumes.
The improved business climate is clearly reflected in SEB Merchant Banking's strong overall revenue growth. Improved sales activities, strong volume growth and sturdy equity markets contributed to three divisions presenting their best operating results ever - Nordic Retail & Private Banking, Eastern European Banking and Trygg Liv. Loan demand remains high within the Nordic countries and Eastern Europe.
In Sweden, SEB has been ranked as the top institutional asset manager and the Morningstar fund rating has improved to a lead position. SEB is today ranked in the top quartile of the large mutual fund managers in Europe. In Germany, a pick-up in sales activities has improved the underlying result. The acquisition of the Norwegian Privatbanken has been finalised and in Denmark life operations are re-branded SEB Pension. These activities provide SEB with the necessary bridge-heads to also establish retail banking operations in these countries.
Eight years ago we initiated the transformation from a Swedish to a leading North-European bank. The diversified platform poses attractive business opportunities and challenges for SEB with the new CEO Annika Falkengren.
I would like to thank our competent and dedicated staff for their strong contribution and the Board for the opportunity to lead this great organisation.