15 July 2013 07:08

SEB Earnings Beat Views as Swedish Economy Rebounds

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DOW JONES NEWSWIRES

Swedish bank SEB AB (SEB-A.SK) Monday reported a stronger-than-expected rise in second-quarter net profit, helped by growing net interest and commission income, and said activity among its customers is picking up as Sweden's economy is rebounding somewhat.

MAIN FACTS:

-Second-quarter net profit rose to SEK3.79 billion from SEK2.96 billion against analysts' expectations for SEK3.27 billion.

-Net interest income rose to SEK4.68 billion from SEK4.53 billion against expectations for SEK4.54 billion.

-Net fee and commission income rose to SEK3.81 billion from SEK3.45 billion.

-Net credit losses widened to SEK291 million from SEK269 million against expectations for SEK285 million.

-The Common Equity Tier 1 capital ratio under Basel III rules -- a measure of banks' financial strength -- improved to 14.2% in June 2013 from 13.1% in December 2012.

-"In SEB's main market, the Nordic region, the Swedish economy has rebounded somewhat although the export sector is still hampered by the low growth in Europe," Chief Executive Annika Falkengren said.

-"All in all, we see a cautiously more positive business sentiment among our customers with activity levels picking up," she said.

-Shares closed Friday at SEK69.40.

Get access to indepth equity research for SEB here.

Write to Gustav Sandstrom at gustav.sandstrom@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

July 15, 2013 01:30 ET (05:30 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.

 

 

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