Second quarter 2009: Pre-provision income before one-off items
increased by 33 per cent compared wit
Second quarter 2009: Pre-provision income before one-off items increased by 33 per cent compared with 2008
(Thomson Reuters ONE) - "SEB generated overall strong income growth and strengthened itscustomer franchise, particularly within wholesale banking. A robustbalance sheet with a strong Tier 1 capital ratio will enable us tosupport our customers and reinforce SEB's market position in adifficult macro environment", says Annika Falkengren, SEB's Presidentand CEO, commenting on today's interim report.SEB's profit before provisions for credit losses and one-off items inthe second quarter 2009 amounted to SEK 5,256m, an increase of 33 percent compared with the second quarter of 2008 (3,954) and 10 per centhigher than the previous quarter (4,780).One-off items in the quarter were the capital gain of SEK 1,300m onthe partly repurchased own subordinated debt and the cost of SEK2,317m from the write-off of all acquisition goodwill in the Balticcountries, which shall be seen in the light of the severe economicsituation with lower lending volumes and a sharp increase of impairedloans. Also the acquisition goodwill of SEK 77m related to Russia hasbeen written-off.Including these one-off items the profit before provisions for creditlosses amounted to SEK 4,162m (3,954). Operating profit was SEK 618m(3,507).Operating income increased by 27 per cent to SEK 13,174m comparedwith the second quarter last year; excluding the capital gain by 14per cent. Net interest income improved by 21 per cent and otherincome items by 9 per cent on an aggregated level excluding thecapital gain. The corresponding numbers compared with the previousquarter was a decrease on net interest income by 9 per cent and anincrease of other income items by 18 per cent on an aggregated basis.Operating expenses amounted to SEK 6,618m, an increase of 3 per centcompared with the corresponding quarter of 2008, excluding goodwillimpairment charges. Compared with the previous quarter costsdecreased slightly.Provisions for credit losses increased to SEK 3,567m, of which themajority was collective. The Baltic countries accounted for SEK2,642m of the provisions. The credit loss level was 1.07 per cent(0.17). The Group's total reserve ratio was 72 per cent.Tier I capital ratio was 13.1 per cent (10.2).SEB is a North European financial group serving some 400,000corporate customers and institutions and five million privateindividuals. SEB offers universal banking services in Sweden, Germanyand the Baltic countries - Estonia, Latvia and Lithuania. It also haslocal presence in the other Nordic countries, Poland, Ukraine andRussia and a global presence through its international network inmajor financial centers. On 30 June 2009, the Group's total assetsamounted to SEK 2,374bn (~EUR 220bn) while its assets undermanagement totalled SEK 1,267bn (~EUR 120bn).The Group has about20,500 employees. Read more about SEB at www.sebgroup.com._____________________________________________For further information, please contact:Jan Erik Back, CFO, +46 8 22 19 00Ulf Grunnesjö, Head of Investor Relations, +46 8 763 85 01; +4670 763 85 01Odd Eiken, Head of Group Marketing & Communication, +46 6 763 87 30,+46 70-763 87 30Annika Halldin, Senior Financial Information Officer, +46 763 85 60;+46 70 379 00 60http://hugin.info/1208/R/1329657/314014.pdfhttp://hugin.info/1208/R/1329657/314015.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 20.07.2009 - 07:30 Uhr
Sprache: Deutsch
News-ID 3717
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