SEB's operating result increased to SEK 17.0bn (SE)

SEB's operating result for 2007 amounted to SEK 17.0 billion (approx. €1.7 bln.), an increase of 9% compared with the operating result for 2006, which was SEK 15.6 billion (approx. €1.6 bln.). Return on equity was 19.3%. At the same time shareholders' equity has been further strengthened and the core capital ratio was 8.6%. The Board of Directors proposes that the dividend per share be increased by SEK 0.50, to SEK 6.50.

Income increased by 4%, lending by 12% and deposits by 17%, while mutual fund and custody volumes reached their highest levels ever during the year. Continued productivity improvements led to cost efficiency gains of SEK 546 million (approx. €55 mln.). Annual costs rose by 3%.

Valuation losses in the bond portfolios for the full year amounted to SEK 1.8 billion (approx. 180 mln.) on the profit and loss account and to 0.7 billion (approx. 70 mln.) on shareholders' equity. The credit quality of these portfolios is still very high.

SEB's President and Group Chief Executive Annika Falkengren comments on today's annual accounts: "The past year was characterized by high customer activity, but also by financial market turbulence. The strong result that we present today shows a two-digit profit growth within three of our four business divisions. We continue our efforts to create a strong cost culture in order to free-up resources in our business. We stick to our strategy of strengthening our customer offerings, realising efficiency gains and investing in growth areas. With our strong balance sheet we are well positioned for generating a continued good profit growth also in 2008."

Source: SEB

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