Sweden’s SEB has posted a massive 91% increase in operating profits in Q1 compared to the final quarter of 2009.
The bank attributes the increase, which amounts to first quarter 2010 profits of SEK1.1bn (US$150mn), to lower credit loss provisioning.
Additionally, SEB’s profit before credit loss provisions stood at SEK3bn (US$408.9mn), which the bank claims reflects a continued low activity among its corporate customers.
However, SEB has reported a 40% decrease in operating profit in Q1 compared to the same period of 2009.
Annika Falkengren, SEB’s president and chief executive officer, comments: “SEB has recorded a solid result given the slowly recovering macro-economic climate. With the fortress balance sheet created last year, we can continue to further deepen our customer relationships and invest in our strong corporate franchise.”