SEB's operating result for the first quarter of 2008 amounted to SEK 2,410m, a decrease of 42 per cent compared with the corresponding quarter of 2007 and 47 per cent down from the previous quarter. Return on equity was 9.6 per cent (19.9).
Net profit was SEK 1,848m (3,262), corresponding to SEK 2.70 per share (4.81).
Operating income was down by 14 per cent compared with the first quarter last year and by 12 per cent from the previous quarter. Valuation losses on fixed-income securities portfolios amounted to SEK 872m in the Profit and Loss account and SEK 1,630m in equity.
Operating expenses increased by 4 per cent compared with the corresponding quarter last year and were 2 per cent higher than in the previous quarter. On a comparable basis, costs were flat.
Net credit losses increased, mostly due to collective provisions for loans in Estonia.
SEB's President and Group Chief Executive Officer Annika Falkengren comments on today's interim report: "After nine months with the most severe dislocations of the financial markets for decades, signs have become more evident that also the real economy is affected. With SEB's activity-based business mix, customers' more cautious investment sentiment lowered earnings. Our strong balance sheet provides multiple business opportunities going forward."
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 April 2008, the Group's total assets amounted to SEK 2,399bn while its assets under management totalled SEK 1,331bn. The Group has about 20,000 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