"SEB has recorded a solid result given the slowly recovering macro-economic
climate. With the fortress balance sheet created last year we can continue to
further deepen our customer relationships and invest in our strong corporate
franchise", says Annika Falkengren, SEB's President and CEO, commenting on
today's interim report.
Operating profit amounted to SEK 1,075m (1,802), a decrease of 40 per cent
compared with the corresponding quarter of 2009. In comparison with previous
quarter, operating profit improved by 91 per cent due to lower credit loss
provisioning.
SEB's profit before provisions for credit losses amounted to SEK 3,005m (4,186),
reflecting a continued low activity level among SEB's corporate customers.
Operating income amounted to SEK 9,372m, (11,430), a decrease of 18 per cent
compared with the corresponding quarter of 2009. In comparison with previous
quarter, operating income decreased by 5 per cent. Net interest income rose by
5 per cent in the quarter, whereas net fee and commission income was down 10 per
cent.
Operating expenses amounted to SEK 6,367m (7,244). Adjusted for goodwill
impairments for Ukraine in the first quarter last year, expenses decreased by 4
per cent, while they were up by 4 per cent from previous quarter.
Provisions for credit losses decreased by 19 per cent to SEK 1,926m (2,386),
leading to a credit loss level of 0.50 per cent (0.70). In comparison with the
previous quarter, SEB's net credit losses were almost halved. Provisions for
credit losses in the Baltic region amounted to SEK 1,431m (1,702), 74 per cent
of the Group's total provisions. The Group's total reserve ratio was increased
to 77 per cent.
Core Tier I capital ratio was 11.7 per cent and Tier I capital ratio13.9 per
cent.
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, Ukraine
and Russia and a global presence through its international network in major
financial centres. On 31 March 2010, the Group's total assets amounted to SEK
2,285n while its assets under management totalled SEK 1,382bn. The Group has
about 19,000 employees. Read more about SEB atwww.sebgroup.com
<http://www.sebgroup.com>.
_____________________________________________
For further information, please contact:
Jan Erik Back, CFO, +46 8 22 19 00
Ulf Grunnesjö, Head of Investor Relations, +46 8 763 85 01; +46 70 763 85 01
Viveka Hirdman-Ryrberg, Head of Corporate Communication, +46 6 763 85 77, +46
70 550 35 00
Annika Halldin, Senior Financial Information Officer, +46 763 85 60; +46
70 379 00 60
[HUG#1409072]
