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SEB Q2 profit beats forecast, warns on Europe
July 16, 2012 / 5:13 AM / 5 years ago

SEB Q2 profit beats forecast, warns on Europe

STOCKHOLM, July 16 (Reuters) - Swedish banking group SEB posted second-quarter operating profits above forecast on Monday and warned that developments in Europe looked increasingly uncertain.

Operating earnings at the bank in the April through June period were 3.95 billion Swedish crowns, compared with the 3.33 billion seen in a Reuters poll of analysts and 4.20 billion crowns reported in the same period a year ago.

“The medium-term outlook for the global economy is characterised by uncertainty - while Nordic economies are still relatively robust, austerity measures in many countries may increase sovereign risk and create subdued economic growth, which could impact SEB’s main markets,” Chief Executive Annika Falkengren said in a statement.

“Such an impact was evident following the increased uncertainty during 2011 which remained in 2012. The European macro-economic scenario looks increasingly uncertain.” (Reporting by Mia Shanley)

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