SEB SA (0MGS.L,SEBYF.OB) on Wednesday reported a drop in second quarter profit, impacted by lower net interest income and higher operating expenses. Operating profit for the quarter also declined 12 percent from last year.
The Swedish financial services group posted net profit of 8.25 billion Swedish Kroner in the second quarter, down 12 percent from 9.42 billion Swedish Kroner in the prior-year period. On a per share basis, basic earnings fell to 4.13 Swedish Kroner from 4.58 Swedish Kroner in the year-ago quarter.
During the three-month period, operating profit fell to 10.4 billion Swedish Kroner from 11.84 billion Swedish Kroner in the second quarter of 2024.
Quarterly total operating income came in at 19.56 billion Swedish Kroner, a 4 percent decline from the 20.31 billion Swedish Kroner recorded in the previous-year period. Return on Equity fell to 15.0 percent from the 17.6 percent in the second quarter last year.
Total operating expenses climbed 8 percent to 7.98 billion Swedish Kroner from 7.38 billion Swedish Kroner a year ago. The company's net expected credit losses widened to 295 million Swedish Kroner from 44 million Swedish Kroner in the last year quarter.
Looking ahead, President and Chief Executive Officer, SEB, Johan Torgeby, said, "With focus on long-term relationships, responsible advice, and access to capital, we continue to support our clients over the long-term, in a global environment that remains highly uncertain and rapidly changing."
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