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Giant Swedish bank, SEB presents a profitable Fourth quarter result of 2011: Operating profit Skr 3.2billion
Tuesday, 07 February 2012
Banking group, SEB, presented an operating profit for the fourth quarter, which amounted to Skr 3.2billion. This compares with profit of Skr4.392 billion corresponding period last year.
Analysts had, according to Reuters, on average expected a profit of Skr3.135 billion. As such the board proposed a dividend of Skr1.75 per share, totalling Skr3.836 million.
According to the bank, the performance showed “the strength of our customer business.” The company went on to write n their end of year report that despite the global uncertainty, customer activity remained high and there is a 5 per cent increase in the divisional result compared to the previous quarter.
The decrease in operating profit compared to the fourth quarter 2010, is fully explained by the fact that the reversals of credit losses in the Baltic countries were lower given the current global economic outlook, and that the liquidity portfolio was realigned to decrease overall risk, which encompassed certain one-time expenses.
“SEB's position as the Relationship bank in our part of the world improved further during 2011. Business volumes increased - loans by Skr 111billion and deposits by Skr 150billion. The expansion within the Nordic and German operations developed according to plan. In this uncertain and volatile environment, SEB's resilience improved further and asset quality continued to be strong and stable.” Writes Annika Falkengren, SEB's President and CEO, commenting on the fourth quarter 2011 result.
She adds that during 2012, “we will focus on maintaining our resilience and increasing cost efficiency while continuing to work closely with our customers.”
Read more from the end of year presentation here
By Scancomark.se Team
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