27 Oct 2011 07:00

SEB: Third quarter of 2011: Operating profit SEK 3.7bn (2.8)

"The operating profit of SEK 3.7bn in the third quarter is evidence of our cautious stance and strong relationship banking model. Customer driven income was higher than any quarter to date and customers have been active, in particular within our trading business, where income increased. Customer driven net interest income was up by 6 per cent compared with the previous quarter reflecting increased demand for lending and deposits. For the first nine months, both lending and deposit volumes are up by more than SEK 100bn.

Facing a prolonged period of uncertainty, our preparedness for continued customer support remains high. Liquidity and capital buffers have been further strengthened. In this highly challenging environment, credibility as a financial partner and counterpart cannot be underestimated. Banking is all about taking a long-term perspective, creating trust and building relationships," says Annika Falkengren, SEB's President and CEO, commenting on today's interim report.   

Operating income, at SEK 9.2bn, rose by 4 per cent compared with the corresponding quarter 2010 and was 3 per cent lower compared with the second quarter. Operating expenses, at SEK 5.6bn, were 11 per cent lower compared to the corresponding quarter 2010 and 5 per cent lower than the second quarter.

Profit before credit losses increased 39 per cent to SEK 3.7bn compared to the corresponding quarter last year and was 1 per cent higher than the second quarter.

Net credit provisions of SEK 33m were released.

Including discontinued operations, net profit amounted to SEK 2.8bn (0.6).

The liquidity reserve amounted to SEK 308bn and the total liquidity resources to SEK 535bn. The core Tier 1 capital ratio was 13.9 per cent (12.2 at year-end) and the Tier 1 capital ratio was 16.2 per cent (14.2 at year-end).

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 September 30, 2011, the Group's total assets amounted to SEK 2,359 billion while its assets under management totalled SEK 1,241 billion. The Group has about 17,600 employees. Read more about SEB at www.sebgroup.com