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UPDATE 1-Swedish bank SEB Q2 profit tops forecast as corporate demand picks up
July 14, 2017 / 5:55 AM / 5 months ago

UPDATE 1-Swedish bank SEB Q2 profit tops forecast as corporate demand picks up

(Updates with details)

STOCKHOLM, July 14 (Reuters) - Swedish banking group SEB reported a bigger-than-expected rise in second-quarter operating profit on Friday, driven by strong demand from corporate clients, and said customer activity had increased across all segments.

Operating profit rose to 5.68 billion Swedish crowns ($680 million), beating a mean forecast for 5.28 billion crowns in a Reuters poll and compared with 5.54 billion crowns in the year-ago period.

“As business sentiment continued to grow more positive, customer activity increased in all segments and markets where we operate,” the bank said.

Net interest income, which includes revenue from mortgages and loans to companies, rose to 4.91 billion crowns from 4.65 billion crowns a year earlier and higher than a forecast of 4.84 billion crowns.

The first of Sweden’s big four banks to report on the second quarter, SEB said net interest income was boosted by lower-than-expected resolution fund fees.

Net commission income rose to 4.69 billion crowns from 4.07 billion a year earlier and higher than a forecast of 4.37 billion, the top corporate bank of Sweden said.

“Customers were active in the capital markets, taking advantage of the low interest levels,” it added.

Losses from loans came in at 214 million crowns, better than the 281 million crown loss expected by analysts.

$1 = 8.3551 Swedish crowns Reporting by Johan Ahlander; Editing by Niklas Pollard

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