SEB's operating profit for the third quarter of 2008 amounted to SEK 2,010 million (approx. €182 mln.), a decrease of 43% compared with the previous quarter and down by 46% compared with the third quarter of last year.
Operating income at SEK 8,705 million was 16% lower than in the previous quarter and 8% down compared with the third quarter of 2007. Net interest income was the highest to date and up by 16% from the third quarter of last year. Net financial income was negatively impacted by valuation losses in the investment portfolio (SEK -348 mln.) and effects from the default of Lehman Brothers (SEK -540 mln.).
Operating expenses were SEK 5,970 million, a decrease of 7% from the previous quarter, but an increase of 7% compared with the third quarter of 2007.
Net credit losses of SEK 725 million reflect the higher provisions in the Baltic countries.
SEB's operating profit for the first nine months of 2008 amounted to SEK 7,927 million.
SEB's President and Chief Executive Officer Annika Falkengren comments on today's interim report: "In these challenging times SEB has had a continued sound capital position and good access to funding. It has been key for us to maintain business as usual and to strengthen customer relationships. In the new financial landscape I believe we will gradually see a return to more traditional banking, which fits well to our strategy built on a robust platform and long-term customer relationships."
Source: SEB
