Thu, Apr 2, 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. Other Voices: Does the hedge fund industry benefit society?[more]

    This article was authored by Don Steinbrugge, Chairman of Agecroft Partners, a US-based global consulting and third party marketing firm for hedge funds. It is no secret that the hedge fund industry is viewed negatively by a la

  2. Opalesque Roundtable: Emerging managers should avoid chasing 'institutional unicorns'[more]

    Bailey McCann, Opalesque New York: For managers looking to raise a new fund after the crisis, marketing efforts will need to be significantly different, according to delegates at the recent Opalesque Texas Roundtable. "Most of the smaller managers come to the whole fund-raising and marketing

  3. Cohen's private investments deliver strong 7.5% gain in Q1[more]

    From Reuters.com: Billionaire Steven A. Cohen's investments gained 7.5 percent in the first three months of 2015, according to a person familiar with the numbers, helping the former hedge fund manager extend his string of market-beating returns. Cohen's Point72 Asset Management, which invests

  4. Hedge fund launches fall again, $1bn funds found to outperform even smaller hedge funds[more]

    Komfie Manalo, Opalesque Asia: The number of new hedge fund launches fell again in 2014, the third consecutive year of decline, while fund liquidations saw their first drop since 2010, according to the latest HFR Market Microstructure Industry Report released by industry data provider HFR. Acc

  5. Opalesque Exclusive: Cyber security and hedge funds: increased awareness, Part One[more]

    Benedicte Gravrand, Opalesque Geneva: If you look at the recent cybersecurity news from Bloomberg, hackers are frightening the people: they steal photos and threaten to expose them, they can break into ATMs, they ha

 

banner