SEB Q2 Core Revenues Under Pressure; LLPs Largely Affected by the Oil-Related Portfolio
Skandinaviska Enskilda Banken AB (SEB or the Bank) reported a net profit of SEK 3.5 billion in Q2 2020 vs. SEK 2.4 billion in Q1 2020, up 49% Quarter-on-Quarter (QoQ) and down 28% Year-on-Year (YoY), whilst the Bank's Return on Equity (ROE) improved to 8.7% in Q2 2020 from 6.0% in Q1 2020. The improvement was mainly due to market valuations positively impacting net financial income in this quarter, while net interest income (NII) and net fee and commission income showed signs of pressure compared to Q1 2020.
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