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Swedish giant bank, SEB reports results that met expectations

Thursday, 25 October 2012
banking group, SEB, delivers a third quarter results that tended to stand along the lines with expectations.

Profit after tax amounted to Skr 2.877 million, compared with the average forecast of Skr2,881 million, according to analysts consensus.

However, the SEB report contains a few surprises. Both revenues, expenses and earnings were in line with analysts' average forecast, according to various reports.
The big surprise was that loan losses were 44 percent lower than expected. During the quarter loan losses amounted to Skr 186 million, corresponding to a loan loss ratio of 6 basis points in the remaining operations. That compares with Skr269 million in loan losses in the previous quarter.

Net income reported stood at Skr2877 million, which is 5 percent lower than the previous quarter but up 2 percent from the same period last year. expectation was for Skr2,881 million as shown by analysts consensus reports.

Revenues attributed to Skr9,681 million, 5 percent more than the same period in 2011, when SEB's income was Skr9,207 million.
Here is the detail from SEB

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