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Sweden's SEB Q2 Profit Declines, Operating Income Up

Skandinaviska Enskilda Banken AB (SVKEF) or SEB, a Swedish financial services group, reported Friday that its second-quarter net profit declined 51 percent to 4.89 billion Swedish kronor from last year's 10.02 billion kronor.

Basic earnings per share were 2.26 kronor, down from 4.63 kronor last year.

Operating profit declined 43 percent to 6.10 billion kronor from 10.67 billion kronor last year. Operating profit before items affecting comparability was down 1 percent.

Sequentially, net profit and operating profit increased 4 percent from the first quarter this year.

Total operating income for the quarter, however, grew 2 percent to 12.20 billion kronor from 11.90 billion kronor a year ago.

Johan Torgeby, President and CEO, said, "Both corporate and private customers were active and lending volumes increased. ... We have the financial strength needed to support our customers going forward.".

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