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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).

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