SEB Q1 Reports Strong Profits; Up on Sharp Decline in LLPs and Recovery in Financial Income
Skandinaviska Enskilda Banken AB (SEB or the Bank) reported a net profit of SEK 6,018 million in Q1 2020, compared to SEK 2,355 million in the same quarter last year and SEK 5,123 million in Q4 2020. The result was mostly driven by a sharp decline in loan loss provisions as well as a significant recovery of net financial income. Return on equity increased to 13.8% in Q1 2021 compared to 6% in Q1 2020 and 12.2% in Q4 2020. The Bank maintained its long term ROE aspiration of 15%.
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