Storbanken SEB reports a profit before credit losses and imposed fees of SEK 13.5 billion for the first quarter of the year. This can be compared with 12.6 billion in the corresponding quarter last year.
Net interest, what the bank earns from the difference between deposit and lending rates, rose to 11.8 billion. A year earlier, net interest was SEK 11.3 billion.
“The high interest rate continued to dampen credit demand, both among our corporate and private customers. Deposit flows to accounts with higher returns continued in the Baltics, while the trend in Sweden leveled off. Margins on Swedish mortgages remained at historically low levels in a competitive market,” says CEO Johan Torgeby in a comment in the report.
Provisions to cover expected credit losses fell to SEK 73 million. This can be compared with SEK 272 million in the first quarter of 2023.
Net commissions – what the bank takes in on fees and commissions – rose to SEK 5.6 billion. This can be compared with 5.2 billion a year earlier.
In financial transactions, SEB took in another 3.2 billion, compared to 2.4 billion a year earlier.
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