Sweden’s second-largest bank by assets, SEB,
has beaten analyst forecasts with first half group net profits of
SEK2.69bn ($359.1m), up 214% from SEK857m in the corresponding
period last year.

But operating profits at SEB’s retail unit
fell 13 percent in the first half of fiscal 2010, to SEK786m (H109
SEK899m).

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First half group highlights included:

  • Provisions for credit losses decreased by
    SEK3.4bn or 57% to SEK2.54bn (H109 SEK5.95bn);
  • Impaired loans decreased by 10%;
  • Operating expenses fell by 2%, including a 9%
    fall in total staff costs, and
  • First half net fees and commission income rose
    by 6% to SEK7.41bn;

Less positive was a 29% decline in first half
net interest income to SEK7.97bn, due to lower volumes and falling
deposit margins.

Losses at SEB’s German retail division –
see Santander to acquire SEB’s German
retail unit – narrowed from SEK526m in the year ago period to
SEK340m.

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