Latest news with #JohanTorgeby
CNBC
5 days ago
- Business
- CNBC
Q1 was both a 'horror story and fairy-tale' for the financial system, says SEB CEO
Johan Torgeby, CEO of SEB, discusses the European banking sector as the company releases its Q2 earnings.
Reuters
29-04-2025
- Business
- Reuters
Swedish bank SEB net profit just misses view as credit impairments weigh
STOCKHOLM, April 29 (Reuters) - Swedish bank SEB ( opens new tab reported a first-quarter net profit that was marginally below market expectations on Tuesday as slightly stronger-than-anticipated interest and commission income was offset by rising credit loss provisions. The bank said in a statement net profit fell to 7.82 billion Swedish crowns ($814.6 million) from a year-ago 9.50 billion, just lagging the 7.91 billion seen in a poll of estimates collected by LSEG. The bank, part of the investment sphere centred on Sweden's Wallenberg business family, affirmed its cost target of around 33 billion crowns for the full year as investments across its business drive an increase from last year's 31 billion. SEB, which generates a larger share of income from corporate clients than some of its domestic peers, presents its results in the wake of regional heavyweight Nordea ( opens new tab reporting forecast-beating profits earlier this month. Domestic rival Swedbank ( opens new tab is also due to unveil results later on Tuesday. Central bank rate cuts have squeezed bank interest income in recent quarters while U.S. President Donald Trump's tariffs have sparked turmoil in financial markets and raised uncertainty about global trade, economic activity and future rates, clouding the outlook for lenders. SEB said interest income, which includes revenues from mortgages, fell to 10.47 billion crowns from 11.82 billion a year earlier to come in just ahead of a mean analysts' estimate of 10.39 billion. "Lending demand increased marginally both among corporates, adjusted for the stronger Swedish krona, and for Swedish mortgages," CEO Johan Torgeby said. "Overall asset quality was stable despite an increase in net expected credit losses. The increase is related to a few counterparties, in different industries and countries." The more than 165-year-old bank reported net expected credit losses of 663 million crowns compared to 73 million a year ago and the 352 million seen by analysts. ($1 = 9.6000 Swedish crowns)
