Business

SEB Bank Quarterly Net Profit Beats Reuters Estimates


© Reuters. FILE PHOTO: The SEB logo is seen on their headquarters building in Stockholm April 28, 2010. Swedish banking group SEB posted much better-than-expected first-quarter operating profit. on Wednesday due to lower loan losses and still confident on ass

European Bank SEB on Thursday said its second-quarter net profit beat analysts’ expectations, as higher interest rates and increased demand from corporate customers offset the negative impact from the market. lackluster stock market.

Net profit fell to 5.84 billion Swedish crowns ($551 million) from 6.57 billion last year, but beat the average forecast of 5.51 billion crowns in an Italian poll. Analysts’ opinions on SEB’s website.

Sweden’s central bank raised interest rates by 0.5 percentage points in June to prevent rampant inflation.

“We see a positive contribution from higher interest rates and the impact of currencies, and increased demand from corporate customers for credit and management,” said CEO Johan Torgeby in the report. risk management, while continuing to travel and consume.”

Net interest income, which includes mortgage income, rose to 7.74 billion crowns, up from 6.47 billion crowns a year ago and 7.18 billion crowns in the consensus estimate.

(1 dollar = 10.5908 Swedish crowns)

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