Swedish bank SEB presents interim report that met expectation
Tuesday, 23 April 2013
Swedish big bank, SEB successfully provided interim first quarter
report that met expectations. According to the Tuesday report, key
interest income was largely as expected and emerged one of the leading
sources of money for the banks.
Net interest income, that is, the difference between the bank's
borrowing costs and what customers will pay for their mortgages,
increased Skr4.5 billion. According to a analysts, they had predicted a
low average forecast of net interest income of Skr4.4 billion.
Operating income amounted to Skr 9.6billion, which was unchanged from
the first quarter last year. Operating expenses, at Skr 5.6billion,
were 3 per cent lower from a year ago. This was actually in live with
analyst expectations. Operating profit amounted to Skr 3.7billion,
average expected was 3.9billion. Provisions for credit losses amounted
to Skr 0.3billion, corresponding to a net credit loss level of 7 bps.
The liquidity coverage ratio was 111 per cent, the core liquidity
reserve amounted to Skr 410 billion and the total liquid resources were
"SEB's results display stability in an environment marked by renewed
uncertainty. In the restrained business sentiment, we have
continued to attract new customers and strengthen our market franchise
in all of our core markets." says Annika Falkengren, SEB's President
and CEO, commenting on the first quarter.
To read more about the banks' performance, here is the report from SEB
By Scancomark.com Team
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