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SEB reports better than expected financial performance

Thursday, 24 October 2013
The Swedish banking group SEB's operating profit of Skr4 618 million for the third quarter of 2013. That compares with profit of Skr3.857 million corresponding period in 2012.
The expectations for the quarter stood at Skr4.193 million according to analysts’ consensus.

Net interest income rose to Skr4.759million, compared with the expected Skr4.71 million, and net commission income was Skr3.735 million. There the average forecast was of Skr3.477 million.SEB

Total revenues amounted to Skr10.324 million, compared with Skr9.681million crowns corresponding period last year.
Expenses fell to Skr5.453 million from Skr5.639 million. Loan losses increased to Skr267 million, from Skr186 million.
"During the third quarter, we saw increasing activity on the corporate side and despite a continued high level of economic uncertainty globally, the corporate community showed emerging optimism. As a corporate bank, we have responded to the improved business sentiment", says Annika Falkengren, SEB's President and CEO, commenting on the third quarter.

"Operating profit was 20 per cent higher than last year's third quarter, with a continued trend of increased revenues and lower costs. We continue to grow in our core areas, as well as to attract more customers."

"With our strong balance sheet, we can support corporate customers if the business cycle further improves. Our capital situation and liquidity resources have been further strengthened, which also creates resilience if the economy were to decline or market uncertainty to increase."
By Scancomark.com Team
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