SEB posted profits of $579 million for the third quarter, despite losses incurred from recent turmoil in the financial markets.
The performance is slightly below analysts’ predictions of $586 million and down from last year’s showing of $601 million. Revenue for the Swedish bank, meanwhile, stood at $1.47 billion.
“Net financial income was affected by 800 million crowns in losses on fixed income securities portfolios and lower activity in levels in the fixed income area,” says the bank in a statement. Income from financial items at fair value, which includes trading, was also down to $25.3 million from $138 million in the preceding quarter.
“Our diversified business mix and high customer activity have supported profitability also during these turbulent times. The lower revenues in the fixed income securities portfolios must be seen in the light of SEB’s leading Nordic wholesale banking position. SEB has maintained a sound liquidity profile and a strong capital base,” says Annika Falkengren, chief executive, SEB.