SEB's 2016 Full-Year Net Income Slides, While Operationally Decent Performance Maintained
Skandinaviska Enskilda Banken has published its full-year results. Operationally speaking, results were in line with our expectations, but the reported bottom line declined sharply by 36% year over year, mainly on the back of increased operating costs. The hike in the cost line was mainly driven by higher impairment of goodwill and other one-off effects. Excluding this one-off, in line with our expectation, the total cost line at SEK 21.8 billion was parallel to SEB management's annual target of...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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