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The decision to refrain from paying dividends this year is in line with the recommendation of Finansinspektionen and confirms previous information from the main bank in the Wallenberg sphere.
“The Covid-19 pandemic continued to affect the global health situation and weigh on the economy during the third quarter,” writes CEO Johan Torgeby in a comment.
You see signs of optimism and economic recovery in developed countries, but you also see a second wave of viruses spreading in several countries.
“The prevailing uncertainty was fueled by macroeconomic challenges, the upcoming US presidential election, and the ongoing Brexit negotiations,” Torgeby writes.
The economic development of Sweden According to Torgeby, it has been promoted by milder infection control measures in the pandemic than in many other countries and significant support measures. This has paved the way for stable domestic consumption and rising house prices.
“Corporate bankruptcies were 26 percent lower than in the corresponding period last year and the Purchasing Managers Index for the manufacturing industry rebounded to levels above the historical average as a result of higher order intake,” he writes Torgeby.
“However, the economic recovery remains fragile, with many uncertainties,” he adds.
SEB operating profit it was SEK 5,916 million for the third quarter of this year. This can be compared to the profit of SEK 5.864 million in the corresponding period last year. Analysts, according to market data company Refinitiv, calculated an average operating profit (EBIT) of SEK 6.67 billion.
However, the net profit of SEK 4.766 million was slightly higher than expected. Analysts had estimated $ 4.47 billion.
Net interest income increased to SEK 6,336 million, from SEK 5,983 million. This compares with the 6,240 million expected.
Net commissions decreased to SEK 4,301 million, from SEK 4,693 million. The average forecast was 4,440 million.
Operating income increased to SEK 12,563 million, compared to SEK 11,942 million in the previous year. Costs decreased marginally to 5,547 million, down from 5,589 million.
SEB makes provisions for credit losses of SEK 1,098 million, which is more than double compared to the third quarter of last year, when it was SEK 489 million.
