Skandinaviska Enskilda Banken AB (OMX: SEB A) posted its fourth quarter and annual accounts for 2011 this morning. The operating income of 9.3 billion was 1% higher sequentially and down by 7% year-on-year. Operating profit decreased by 28% vs. Q4 2010 and 15% sequentially. The year-on-year decline is explained fully by lower credit loss reversals in the Baltic countries, which the bank attributes to current economic climate.
Full-year operating profit grew by nearly 35% to 15.3 billion SEK with net profit including discontinued operating at 11.1 billion. Full year operating income was up by 2.7% to 37.7 billion and operating expenses were down by a similar percentage to 23.1 billion.
During the year the bank managed to attract 90 000 new customers. Growth was particularly impressive when it came to large corporations with 114 new large cap clients in Germany and Nordic countries. CEO Annika Falkengren was happy with the progress made during the year. SEB’s Core Tier 1 capital ratio stood at 13.7% at the end of Q4 2011 and it has 377 billion in liquidity reserves. Proposed dividend for 2011 is 1.75 SEK a share which represents a 34% payout ratio for the year.
The bank sees continued uncertainty in the macro outlook. It plans to maintain growth plans in Nordic countries and in Germany and focus on customer relations. The aim is to maintain balance sheet strength and improve efficiency even further. The stock is up by 2% at 46 SEK a share clip going against the market.
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