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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 Skr 685billion.

"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 Team

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