SEB's operating profit for the third quarter of 2008 amounted to SEK 2,010m, a decrease of 43 per cent compared with the previous quarter and down by 46 per cent compared with the third quarter of last year.
Operating income at SEK 8, 705m was 16 per cent lower than in the previous quarter and 8 per cent down compared with the third quarter of 2007. Net interest income was the highest to date and up by 16 per cent from the third quarter of last year. Net financial income was negatively impacted by valuation losses in the investment portfolio (SEK -348m) and effects from the default of Lehman Brothers (SEK -540m).
Operating expenses were SEK 5,970m, a decrease of 7 per cent from the previous quarter, but an increase of 7 per cent compared with the third quarter of 2007.
Net credit losses of SEK 725m reflect the higher provisions in the Baltic countries.
SEB's operating profit for the first nine months of 2008 amounted to SEK 7,927m.
SEB's President and Chief Executive Officer Annika Falkengren comments on today's interim report: "In these challenging times SEB has had a continued sound capital position and good access to funding. It has been key for us to maintain business as usual and to strengthen customer relationships. In the new financial landscape I believe we will gradually see a return to more traditional banking, which fits well to our strategy built on a robust platform and long-term customer relationships."
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 September 2008, the Group's total assets amounted to SEK 2,416bn while its assets under management totalled SEK 1,244bn. The Group has about 22,000 employees. Read more about SEB at www.sebgroup.com
For further information, please contact:
Jan Erik Back, 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