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STOCKHOLM, July 14 (Reuters) - Swedish banking group SEB reported second-quarter operating profit above expectations on Tuesday as high volatility increased customers demand for hedging.
SEB’s operating profit in the quarter was unchanged at 5.25 billion Swedish crowns ($618 million) beating a mean forecast for 4.57 billion in a Reuters poll and compared with 5.25 billion in the year-ago period.
SEB, the first of the Swedish banks to report earnings for the quarter, said high levels of volatility during the quarter meant customers’ demand for hedging interest rate and foreign exchange risks had increased. ($1 = 8.4923 Swedish crowns) (Reporting by Johan Ahlander; Editing by Alistair Scrutton)