Skandinaviska Enskilda Banken Reports in Line First-Half 2019 Results; Shares Fairly Valued
No-moat Skandinaviska Enskilda Banken reported first-half 2019 results in line with our full-year expectations. We maintain our fair value estimate of SEK 95 per share. Net interest income of SEK 11 billion, up 5% versus the same period last year, was supported by volume growth of 5% and a positive deposit margin effect after the Swedish repo rate was increased in the beginning of the year. We anticipate SEK 21.8 billion in net interest income for the full year. Net fee and commission, virtually...Skandinaviska Enskilda Banken provides corporate, retail, investment and private banking services, as well as asset management and life insurance services. Merchant Banking provides wholesale and investment banking services to corporations and institutions. Retail Banking provides products mainly to private customers and small and medium-sized corporate. Wealth Management performs asset management and private banking activities and Life provides life, care and pension insurance. Division Baltic provides retail, asset management and private banking services in the Baltic countries. As of Dec 31 2013, Co. had total assets of SEK1,904.16 billion and total deposits of SEK821.47 billion.
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