Skandinaviska Enskilda Banken’s (OMX: SEB A) quarterly numbers show operating income of 9.6 billion SEK, operating profit of 3.7 billion and net profit of 2.7 billion (EPS 1.32). For the most part these were rather close to comparison period. Return on equity in continuing operations slid to 10.6%. Core Tier 1 capital ratio of 13.9% and Tier 1 capital ratio of 16.0% reflect balance sheet strength. The bank has core liquidity reserves of 321 billion SEK and total liquid resources of 499 billion.
President & CEO Annika Falkengren was satisfied with low credit losses, market share grabs among large corporate customers in the Nordic and German markets and increasing amount of Swedish retail customers. Costs were kept in check. SEB seeks to maintain a strong financial position and grow cautiously until more clarity on the new regulatory framework has been reached.
They still expect low interest rates and maybe even another key policy rate cut in Sweden this year but want to caution mortgage seekers, that these rates will not stay there forever. SEB closed with a slight minus for the day.
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