Third quarter 2009: Pre-provision income up by 15 per cent compared
with 2008 - balance sheet streng
(Thomson Reuters ONE) - "SEB's result for the third quarter is solid evidence of our positionas a relationship bank and our diversified business mix. During theyear, we have established a strong financial position. In combinationwith emerging signs of economic stability and better functioningfinancial markets, we have decided not to apply for prolongation ofthe Swedish Funding Guarantee Programme. SEB has not utilized theProgramme", says Annika Falkengren, SEB's President and CEO,commenting on today's interim report.SEB's profit before provisions for credit losses in the third quarter2009 amounted to SEK 3,720m , an increase of 15 per cent comparedwith the corresponding quarter of 2008 (3,242). In comparison withthe previous quarter (4,162), profit before provisions was down by 11per cent, partly due to seasonal results and one-off effects in thesecond quarter. Operating profit for the quarter was SEK 388m(2,526).Operating income amounted to SEK 9,735m, an increase of 6 per centcompared with the third quarter last year. In relation to theprevious quarter, which contained a capital gain of SEK 1.3bn,operating income decreased by 26 per cent. The decline was also dueto the lower Net interest, negatively affected by additional costsfor the extended funding duration, falling deposit margins and lowerreturn on the bond investment portfolio.Operating expenses amounted to SEK 6,015m, virtually flat comparedwith the third quarter of 2008 and down by 9 per cent from the secondquarter, adjusted for goodwill impairments during that period.Provisions for credit losses amounted to SEK 3,335m, of which theBaltic countries accounted for SEK 2,642m or 79 per cent. The creditloss level was 0.98 per cent (0.27). The Group's total reserve ratiowas 72 per cent.Core Tier I capital ratio was 11.8 per cent and Tier I capitalratio13.5 per cent.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, Ukraine and Russia anda global presence through its international network in majorfinancial centres. On 30 September 2009, the Group's total assetsamounted to SEK 2,233bn (~EUR 219bn) while its assets undermanagement totalled SEK 1,295bn (~EUR 127bn).The Group has about20,000 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 01Viveka Hirdman-Ryrberg, Head of Corporate Communication, +46 6 763 8577, +46 70 550 35 00Annika Halldin, Senior Financial Information Officer, +46 763 85 60;+46 70 379 00 60http://hugin.info/1208/R/1348847/324775.pdfhttp://hugin.info/1208/R/1348847/324776.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 21.10.2009 - 07:31 Uhr
Sprache: Deutsch
News-ID 7171
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