SEB's operating result for the second quarter of 2008 amounted to SEK 3,507m, up by 46 per cent compared with the previous quarter and 23 per cent below the second quarter of last year.
Operating income at SEK 10,403m was 18 per cent higher than the previous quarter and 3 per cent lower than the same period last year. Valuation effects in the fixed-income investment portfolio were limited at SEK -66m over income and SEK -56m over equity, a sharp contrast to previous quarters. Asset quality in this portfolio remains strong.
Operating expenses at SEK 6,445 was 7 per cent up on the previous quarter and 10 per cent up compared with the same period 2007.
Net credit losses at SEK 452m reflects mostly the higher credit loss level in Estonia.
SEB's operating results for the first six months of 2008 amounted to SEK 5,917m.
SEB's President and Group Chief Executive Officer Annika Falkengren comments on today's interim report: "It is satisfying to note that we in a quarter marked by renewed financial turbulence can present an income level just second to our all-time high. Our strong capital base and liquidity position provide continued opportunities to long-term grow our business and thus to be offensive in overall defensive markets."
The whole interim report is available under the attached link, and at www.sebgroup.com.
SEB is a North European financial group serving some 400,000 corporate customers and institutions and five million private individuals. SEB offers universal banking services in Sweden, Germany and the Baltic countries - Estonia, Latvia and Lithuania. It also has local presence in the other Nordic countries, Poland, Ukraine and Russia and a global presence through its international network in another ten countries. On 30 June 2008, the Group's total assets amounted to SEK 2,304bn while its assets under management totalled SEK 1,295bn. The Group has about 22,000 employees. Read more about SEB at www.sebgroup.com.
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For further information, please contact:
For further information, please contact:
Per-Arne Blomquist, CFO, +46 8 22 19 00
Ulf Grunnesjö, Head of Investor Relations, +46 8 763 85 01; +46 70 763 85 01
Annika Halldin, Financial Information Officer, +46 763 85 60; +46 70 379 00 60