SEB Group Q2 Profit More Than Doubles

SEB Group (0MGS.L,SEBYF.OB), a Nordic financial services group, reported that its net profit for the second-quarter more than doubled to 10.02 billion Swedish kronor from 4.51 billion kronor last year. Earnings per share improved to 4.61 kronor from 2.07 kronor in the prior year.

“Following the muted start of the year activity picked up across customer segments in the second quarter. Among the large corporate clients demand for advisory and event-driven financing increased and we saw higher demand for traditional bank lending. Financial institutions were also more active….The higher business activity in the second quarter led to an increase in operating profit before items affecting comparability of 17 per cent.”, said Johan Torgeby, SEB’s President and CEO, commenting on the second quarter result.

Operating profit for the second quarter 2018 grew to 10.67 billion kronor from 5.66 billion kronor last year.

Total operating income for the second quarter rose to 11.90 billion kronor from 11.39 billion kronor in the prior year.

by RTTNews Staff Writer

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