03 May 2011 07:30

First quarter of 2011: Operating profit SEK 4.4bn (1.3)

"Through persistent customer focus and continued cost control, we continue to create value for both customers and shareholders as the Relationship Bank in our part of the world.

The first quarter result gives us further confidence that the customers appreciate our offers and employees. Business volumes are growing gradually and we see an increase in event-driven corporate activities. As an example, SEB has participated in more than 90 per cent of all public corporate loan transactions in the Nordic market during the quarter" says Annika Falkengren, SEB's President and CEO, commenting on today's interim report.

Operating income at SEK 9.7bn rose by 11 per cent compared with the corresponding quarter of 2010 and fell by 4 per cent compared with the previous quarter. Operating expenses at SEK 5.8bn were 4 per cent higher than the corresponding quarter of 2010 and 6 per cent lower than the previous quarter.

Net interest income increased by 20 per cent compared with the first quarter last year and decreased 6 per cent from the previous quarter.

Net fee and commission income increased by 10 per cent compared with the first quarter last year and decreased 10 per cent from the previous quarter.

Net credit provisions of SEK 537m were released during the quarter corresponding to a net credit loss level of -0.17 per cent (0.50). Non-performing loans decreased by SEK 5.2bn, or 19 per cent, compared with the first quarter 2010.

Net profit from continuing operations amounted to SEK 3.5bn (0.8). Return on equity was 14.1 per cent (3.3) and earnings per share SEK 1.59 (0.37).

Core Tier 1 capital ratio was 13.0 per cent (12.2 at year-end 2010) and Tier 1 capital ratio 15.1 per cent (14.2 at year-end 2010).

Lending to the public increased by SEK 39bn during the quarter.

Download Annika Falkengren's presentation


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
Viveka Hirdman-Ryrberg, Head of Corporate Communication, +46 8 763 85 77, +46 70 550 35 00
Malin Schenkenberg, Financial Information, +46 8 763 95 31

SEB is a leading Nordic financial services group. As a relationship bank, SEB in Sweden and the Baltic countries offers financial advice and a wide range of financial services. In Denmark, Finland, Norway and Germany the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in some 20 countries worldwide. On 31 March 2011, the Group's total assets amounted to SEK 2,118bn while its assets under management totalled SEK 1,372bn. The Group has about 17,000 employees. Read more about SEB at www.sebgroup.com.