Swedish banking major Skandinaviska Enskilda Banken AB or SEB (SEBYF.OB) reported Wednesday that its first-quarter net profit edged up 1 percent to 9.50 billion Swedish kronor from 9.39 billion kronor last year. Basic earnings per share were 4.60 kronor, up from 4.45 kronor a year ago.
SEB's operating profit for the first quarter amounted to 12.32 billion kronor, up 6 percent from 11.62 billion kronor last year.
Total operating income was 20.68 billion kronor, 9 percent higher than prior year's 19.06 billion kronor.
SEB's President and CEO Johan Torgeby said, "We report a solid result, with robust asset quality and low net expected credit losses. The strengthening macroeconomic picture in Sweden was partly reflected in an improved market sentiment. At the same time, the high interest rate environment continued to have a dampening effect on credit demand."
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