FX.co ★ SEB Q1 Profit Edges Up - Quick Facts

On Wednesday, the Swedish leading bank, Skandinaviska Enskilda Banken AB (also known as SEB) (SEBYF.OB), announced a 1% increase in their first-quarter net profit. It rose to 9.50 billion Swedish kronor from the previous year's 9.39 billion kronor. Basic earnings per share increased to 4.60 kronor from 4.45 kronor a year ago.

SEB's operating profit for the first quarter rose to 12.32 billion kronor, a 6% increase from 11.62 billion kronor of the previous year. The total operating income also increased by 9%, amounting to 20.68 billion kronor, compared to the previous year's 19.06 billion kronor.

Johan Torgeby, the President and CEO of SEB, stated that the bank revealed a robust result with strong asset quality and minimal net expected credit losses. The improved market sentiment is partly due to the strengthening macroeconomic scenario in Sweden. However, he also noted that the high-interest rate environment continued to suppress credit demand.