Fourth quarter 2009: Pre-provision income SEK 3,748m (5,730) - balance sheet strengthened
(Thomson Reuters ONE) - "SEB's result for the fourth quarter is a proof of the merits of diversifiedbusiness mix and long-term customer relationship. Positive developments in netfee and commission income and net life insurance income brought this quarter'soperating profit above the third quarter level while net interest incomedeclined.During the year, we have established a strong financial position. ", says AnnikaFalkengren, SEB's President and CEO, commenting on today's interim report.SEB's profit before provisions for credit losses in the fourth quarter 2009amounted to SEK 3,748m , a decrease of 35 per cent compared with thecorresponding strong quarter of 2008 (5,730). In comparison with the previousquarter (3,720), profit before provisions was up by 1 per cent. Operating profitfor the quarter was SEK 564m (4,028).Operating income amounted to SEK 9,874m, a decrease of 22 per cent compared withthe last quarter of 2008. The decline was largely due to the lower Net interestincome, negatively affected by additional costs for the extended fundingduration, falling deposit margins and lower return on the bond investmentportfolio. In relation to the previous quarter, operating income rose by 1 percent.Operating expenses amounted to SEK 6,126m, a decrease of 12 per cent comparedwith the fourth quarter of 2008 and up by 2 per cent from the third quarter.Provisions for credit losses amounted to SEK 3,160m, of which the Balticcountries accounted for SEK 2,588m or 82 per cent. The credit loss level was0.93 per cent (0.62). The Group's total reserve ratio was 69.5 per cent.Core Tier I capital ratio was 11.7 per cent and Tier I capital ratio13.9 percent.The Board proposes a dividend of SEK 1.00 per share (no dividend in 2008).SEB is a North European financial group serving some 400,000 corporate customersand institutions and five million private individuals. SEB offers universalbanking services in Sweden, Germany and the Baltic countries - Estonia, Latviaand Lithuania. It also has local presence in the other Nordic countries, Ukraineand Russia and a global presence through its international network in majorfinancial centres. On 31 December 2009, the Group's total assets amounted to SEK2,308bn while its assets under management totalled SEK 1,356bn. The Group hasabout 20,000 employees. Read more about SEB at www.sebgroup.com
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Datum: 10.02.2010 - 07:32 Uhr
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