"Our customers have been more active and chosen to do more business with us. The customer business increased profit by 7 per cent despite increased uncertainty on the macro environment. Lending to corporates and households continued to increase, up SEK 43bn or 4 per cent in the quarter.
We have increased our resilience further through increased liquidity buffers and prolonged funding in order to ensure support to our customers in all situations. Asset quality is robust. As a result of falling non-performing loans and positive risk migration, we once again have a net release of provisions for credit losses", says Annika Falkengren, SEB's President and CEO, commenting on today's interim report.
Operating income, at SEK 9.5bn, rose by 3 per cent compared with the corresponding quarter 2010 and was 1 per cent lower compared with the first quarter.
Operating expenses at SEK 5.9bn were unchanged compared to the corresponding quarter 2010 and 1 per cent higher than the first quarter.
Profit before credit losses increased 10 per cent to SEK 3.6bn compared to the corresponding quarter last year.
Net credit provisions of SEK 0.6bn were released.
Including discontinued operations, net profit amounted to SEK 3.4bn (2.0).
The liquidity reserve amounted to SEK 283bn and the total liquidity resources to SEK 467bn. The Core Tier 1 capital ratio was 13.5 per cent (12.2 at year-end) and the Tier 1 capital ratio was 15.6 per cent (14.2 at year-end).
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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 30 June 2011, the Group's total assets amounted to SEK 2,201bn while its assets under management totalled SEK 1,356bn. The Group has about 17,500 employees. Read more about SEB at www.sebgroup.com.