Wed, Jul 29, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

SEB's first quarter results show marginally increased net profit for 2012

Tuesday, April 24, 2012
Opalesque Industry Update - SEB's first quarter of 2012 shows an operating profit of SEK 3.7bn ($0.5bn)."Our relationship banking model has generated a robust first quarter and profit before credit loss provisions increased by 2 per cent. The number of customers increased in all segments and asset gathering activities continued to attract net new money. Costs developed according to plan and asset quality has remained strong.

We are proud to have been recognised by customers as "Overall best bank for large corporates and institutions in the Nordics 2011", according to a compilation of all Prospera's surveys for 2011. This is a merit to our focused expansion in the Nordic and German wholesale markets and it spurs us to continue to build with even more determination on this recognition", says Annika Falkengren, SEB's President and CEO, commenting on the first quarter 2012 result.

Profit before credit losses amounted to SEK 3.9bn ($0.58bn) (SEK 3.8bn, $0.57bn, the first quarter 2011). The customer business, which is generated through the divisions, was 15 per cent higher than last year.

Operating income amounted to SEK 9.6bn ($1.44bn), down 1 per cent compared to the first quarter 2011. Operating expenses, at SEK 5.7bn ($0.85bn), were 2 per cent lower than the first quarter 2011. Provisions for credit losses amounted to SEK 206m ($30.81m). Net profit amounted to SEK 2.7bn ($0.4bn)(2.6, $0.39bn,first quarter 2011). The liquidity reserve amounted to SEK 321bn ($48.1bn)and the total liquidity resources were SEK 499bn ($74.6bn). The core Tier 1 capital ratio was 13.9 per cent (13.7 at year-end) and the Tier 1 capital ratio was 16.0 per cent (15.9 at year-end).

Press release

bc

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Bridgewater turns bearish on China[more]

    Komfie Manalo, Opalesque Asia: The world’s biggest hedge fund Bridgewater Associates and one of the most vocal of China’s potential is now turning its back against the world’s second largest economy as it joins a growing list of high-profile investors who are challenging China’s potentials.

  2. Opalesque Exclusive: Despite bumpy June/July, CTAs hold on[more]

    Bailey McCann, Opalesque New York: To say that things have been rocky in managed futures recently is putting it mildly. In June, the industry saw its worst month on a performance basis in the past four years. Then yesterday,

  3. Launches - Ex-Brevan Howard star Rokos builds team for new fund, Former Och-Ziff manager’s firm starts health care hedge fund, Industry veterans launch commodity investment firm Aron Capital Management, Nikko Asset Management launches two UCITS funds, Capital Group plans to debut Asian investor targeted fund[more]

    Ex-Brevan Howard star Rokos builds team for new fund From WSJ.com: Chris Rokos, a former star trader at Brevan Howard Asset Management LLP, has hired an economist from Nomura to join the team he’s assembling for his much anticipated hedge fund launch. Mr. Rokos, whose firm is due to b

  4. Institutions - Pension fund dismisses Texas consultant, Rhode Island pension fund gets 2.2% investment return, far below assumed rate of 7.5%, New Jersey pension investments see a drop-off in returns[more]

    Pension fund dismisses Texas consultant From Sandiegouniontribute.com: The county retirement board on Thursday terminated the Texas consultant who was given the reins of the $10 billion pension fund, and whose investment picks left many employees and retirees feeling taken for a ride.

  5. SWFs - Sovereign wealth funds paid around $14 billion in fees[more]

    From SWFinstitute.org: When it comes to the financial sector, asset management is one of the most profitable industries in the world. The Boston Consulting Group put out a 2014 figure saying there is US$ 74 trillion worth of professionally-managed assets. One of the fastest growing institutional inv

 

banner