SEB’s position as the Relationship bank in our part of the world improved further during 2011. Business volumes increased – loans by SEK 111bn and deposits by SEK 150bn. The expansion within the Nordic and German operations developed according to plan. In this uncertain and volatile environment, SEB’s resilience improved further and asset quality continued to be strong and stable.
During 2012, we will focus on maintaining our resilience and increasing cost efficiency while continuing to work closely with our customers", says Annika Falkengren, SEB’s President and CEO, commenting on the fourth quarter 2011 result.
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Operating income, at SEK 9.3bn, was 1 per cent higher than the third quarter and fell by 7 per cent compared with the corresponding quarter 2010. Operating expenses, at SEK 5.9bn, were 7 per cent higher than the third quarter and 3 per cent lower than the corresponding quarter 2010.
Profit before credit losses decreased by 7 per cent to SEK 3.4bn compared to the third quarter and was 12 per cent lower than the corresponding quarter 2010.
Provisions for credit losses amounted to SEK 240m.
Including discontinued operations, net profit amounted to SEK 2.3bn (3.5).
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By GlobalDataThe liquidity reserve amounted to SEK 377bn and the total liquidity resources were SEK 616bn. The core Tier 1 capital ratio was 13.7 per cent (12.2) and the Tier 1 capital ratio was 15.9 per cent (14.2).
The Board of Directors proposes a dividend of SEK 1.75 per share (1.50).
