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Giant banking group, SEB post better results than expected but is it enough



  

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Thursday, 14 July 2011
Swedish giant banking group, SEB reported an operating profit of Skr4.278 million for the second quarter of 2011. This compares with Skr2.675 million in the corresponding periods of 2010.

Analysts had, according to Reuters consensus, on average, had expected a profit of Skr4.1 million.
Net interest income rose to Skr4.23 million from Skr3.762 million. Net commission income fell to Skr3.561 million from Skr3.673 million.

SEB's A-shares, which before today's interim report have fallen over 11 percent so far this year, fell another 2 percent after the report.

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SEB's total revenue amounted to Skr9.529 million in the second quarter, compared with Skr9.224 million the same period last year.
Expenses fell to Skr5.888 million from Skr5.907 million. Loan losses for the second consecutive quarter were of positive. Recoveries amounted to Skr643 million, compared with losses of 639 million second quarter 2010.

"Our customers are more active and have chosen to do more business with us. The customer-related income increased by 7 percent despite increased uncertainty about the future macroeconomic situation. Loans to businesses and households continued to increase, with Skr43 billion or 4 percent in the quarter,” writes the company in its quarterly report.
 
It continues that:
"We have strengthened our resilience further through greater liquidity buffers, and extended financing to support our customers in all situations. Credit quality is robust and as a result of problem loans is falling and positive risk migration, we have this quarter made net repayments of loan loss provisions."

CEO Annika Falkengren in a statement wrote that:
"The Baltic countries contributed to the export-led recovery to higher revenues. Here also grew credit portfolio for the first time since 2008. Private Banking continued to attract new customers and new sales for the quarter were Skr 7 billion net," writes CEO Annika Falkengren in a statement.
If you are interested in SEB’s presentation, find its here
By Scancomark.se Team


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