After Nordea and Handelsbanken, SEB has now reported quarterly figures for the third quarter. The bank's operating profit of 9.7 billion was slightly lower than market expectations (on average 9.8 billion) but the net interest income, i.e. what the bank earns on the difference between deposit and lending rates, was better than expected.
In line with the Swedish Central Bank's lowering of the interest rate, it has been expected that the bank's net interest income would also decrease, A total of 10.4 billion was 7.5 percent lower than the same period the previous year but higher than the expected 10.2 billion.
"The mortgage margins in Sweden were stable, at historically low levels. Household lending increased slightly compared to the previous quarter, driven by strong growth in the Baltic States", writes CEO Johan Torgeby in the report.
The commission net, which the bank earns on fees, rose at the same time to 6.3 billion, from 6.0 billion.
