SEB: Third quarter 2013 - Operating profit SEK 4,618m (3,857) "During the third quarter, we saw increasing activity on the corporate side and despite a continued high level of economic uncertainty globally, the corporate community showed emerging optimism. As a corporate bank, we have responded to the improved business sentiment", says Annika Falkengren, SEB's President and CEO, commenting on the third quarter. "Operating profit was 20 per cent higher than last year's third quarter, with a continued trend of increased revenues and lower costs. We continue to grow in our core areas, as well as to attract more customers." "With our strong balance sheet, we can support corporate customers if the business cycle further improves. Our capital situation and liquidity resources have been further strengthened, which also creates resilience if the economy were to decline or market uncertainty to increase." Operating income amounted to SEK10.3bn, which was 7 per cent higher than the third quarter last year but 3 per cent down on the previous quarter. Operating expenses, at SEK5.5bn, were 3percent lower from a year ago and 2 per cent lower than the previous quarter. Operating profit amounted to SEK 4.6bn, which was up 20 per cent from the third quarter 2012 but down 3 per cent from the previous quarter. Provisions for credit losses amounted to SEK0.3bn, corresponding to a net credit loss level of 8bps. Non-performing loans were 30 per cent lower than a year ago. The liquidity coverage ratio was 114percent, the core liquidity reserve amounted to SEK438bn and the total liquid resources were SEK702bn. The Core Tier 1 capital ratio was 17.4percent according to current regulation. The Common Equity Tier 1 ratio was 15.0 per cent (Basel 3). Return on equity in the quarter was 13.4percent and earnings per share SEK1.71. Download Annika Falkengren's presentation here: http://www.sebgroup.com/Documents/Investor_Relations/Presentations/Interim/PressConference_2013_Q3.pdf Download Fact Book here: http://www.sebgroup.com/Documents/Investor_Relations/Factbook/2013_Q3_factbook.pdf For further information, please contact Jan Erik Back, CFO, +46 8 22 19 00 Ulf Grunnesjö, Head of Investor Relations, +46 8763 85 01; +46 70763 85 01 Viveka Hirdman-Ryrberg, Head of Corporate Communication, +468763 85 77, +46705503500 SEB is a leading Nordic financial services group. As a relationship bank, SEB in Sweden and the Baltic countries offers financial advice and a wide range of financial services. In Denmark, Finland, Norway and Germany the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in some 20 countries worldwide. At 30 September 2013, the Group's total assets amounted to SEK2,569 billion while its assets under management totalled SEK1,427 billion. The Group has around 16,000 employees. Read more about SEB at http://www.sebgroup.com. Interim Report January – September 2013 ------------------------------------------------------------------------------ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: SEB via Thomson Reuters ONE HUG#1737827
SEB: Third quarter 2013 - Operating profit SEK 4,618m (3,857)
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