Finance
Sweden’s SEB Falls as Lending Profit Disappoints Investors
- Bank reports 3Q NII decline of nearly 10%, below estimates
- Shares in the Swedish lender drop the most since March
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SEB AB dropped the most since March after Sweden’s biggest bank delivered worse than expected profit from lending in the third quarter amid interest-rate cuts by central banks.
Net interest income for the three months through September fell 9.7% from a year ago to 11.06 billion kronor ($1 billion), the Stockholm-based group said on Thursday. Analysts tracked by Bloomberg had forecast that the metric, which captures the difference the bank earns from lending and pays for deposits, would come in at 11.31 billion kronor.