SEB Reports Improved Results in 2Q; Poor Rate Environment, Subdued Business Activity Remain
SEB's second-quarter results improved from the first quarter of 2016, but year-over-year results are still pressured as the macro environment continues to weigh on the bank. Underlying return on equity improved in the quarter to 14% and sits at 11% for the year thus far. As results were largely in line with our expectations, we plan to maintain our no-moat rating and SEK 71 fair value estimate.Underlying second-quarter operating profit increased 12%, improving to SEK 5,016 million from SEK 4,49...
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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