SEB Hits Record High as Investors Cheer Bigger Payouts
- Bank proposes total dividends of 11.50 kronor per share
- Lender saw credit provisions surge on one big client exposure
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Shares of Sweden’s largest bank, SEB AB, advanced to the highest level on record after its announced capital distribution plan beat analyst expectations.
The lender’s Stock rose by as much as 3.7% to 148.15 kronor in Stockholm on Thursday, after recovering from an initial drop. The lender proposed total dividends of 11.50 Swedish kronor per share, exceeding analysts’ estimates by 16%. The bank also decided to ramp up the pace of share buybacks to 1.75 billion kronor announced in the first quarter, from 1.25 billion in the previous three-months period.