SEB’s CEO Annika Falkengren. Photo: Lars Pehrson
Revenues amounted to 11.136 billion kronor, analysts had expected 10.57 billion kronor (SME Direct). Last year, revenues 10.996 billion kronor in the second quarter. The total cost amounted to 5.332 billion kronor (5.518 billion SEK), waited was 5.45 billion crowns.
The bank’s net interest income was 4.647 billion kronor in the same period last year, net interest income amounted to 4 632 million, .
net commission income was 4.074 billion kronor (5.194 billion SEK), the expected 4.215 billion crowns.
Loan losses were lower than expected for SEB, SEK 221 million (SEK 220 million) against the expected 4.215 billion.
– In a world of uncertainty, customers’ needs for consulting and risk management services continued to increase. This is noticeable in commission income and net income from financial operations increased between the second and first quarter, says Annika Falkengren, SEB’s CEO in a press release.
The bank is affected by the Riksbank’s less interest.
– For the first half, however, was all income lines, excluding the positive and negative one-time effects, lower than in 2015, reflecting the negative interest rates and cautious business climate, she writes.
SEB is preparing also on a long period of low interest rates – a situation that Annika Falkengren mean can be extended because of the British brexit.
– the historically low interest rates are actually symptoms of the underlying problems in the real economy; the high level of debt, global imbalances and low productivity. During the quarter
uncertainty in the markets as the EU referendum in Britain approached, writes Annika Falkengren, and continues:
– The unexpected outcome, brexit, followed by high volatility, plummeting stock prices and bond yields and high activity in currency trading. Although the long-term effect of brexit may not be as high on global growth, it looks like that the period of low or negative interest rates in Europe could be even more protracted.
No comments:
Post a Comment