SEB's operating result for January-March 2008: SEK 2.4bn (4.2)

SEB's operating result for the first quarter of 2008 amounted to SEK
2,410m, a decrease of 42 per cent compared with the corresponding
quarter of 2007 and 47 per cent down from the previous quarter.
Return on equity was 9.6 per cent (19.9).
Net profit was SEK 1,848m (3,262), corresponding to SEK 2.70 per
share (4.81).
 
Operating income was down by 14 per cent compared with the first
quarter last year and by 12 per cent from the previous quarter.
Valuation losses on fixed-income securities portfolios amounted to
SEK 872m in the Profit and Loss account and SEK 1,630m in equity.
 
Operating expenses increased by 4 per cent compared with the
corresponding quarter last year and were 2 per cent higher than in
the previous quarter. On a comparable basis, costs were flat.
 
Net credit losses increased, mostly due to collective provisions for
loans in Estonia.
 
SEB's President and Group Chief Executive Officer Annika Falkengren
comments on today's interim report: "After nine months with the most
severe dislocations of the financial markets for decades, signs have
become more evident that also the real economy is affected. With
SEB's activity-based business mix, customers' more cautious
investment sentiment lowered earnings. Our strong balance sheet
provides multiple business opportunities going forward."
 
The whole interim report is available under the attached link, and at
www.sebgroup.com.
 
 
SEB is a North European financial group serving some 400,000
corporate customers and institutions and five million private
individuals. SEB offers universal banking services in Sweden, Germany
and the Baltic countries - Estonia, Latvia and Lithuania. It also has
local presence in the other Nordic countries, Poland, Ukraine and
Russia and a global presence through its international network in
another ten countries. On 30 April 2008, the Group's total assets
amounted to SEK 2,399bn while its assets under management totalled
SEK 1,331bn. The Group has about 20,000 employees. Read more about
SEB at www.sebgroup.com.
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For further information, please contact:
Per-Arne Blomquist, CFO, +46 8 22 19 00
Ulf Grunnesjö, Head of Investor Relations, +46 8 763 85 01; +46
70 763 85 01
Annika Halldin, Financial Information Officer, +46 763 85 60; +46
70 379 00 60