Interim Report Q1 2010

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SLB Inlerim Reporl Ianuary ÷ Marcl 2010 1 Interim report January - March 2010 STOCKHOLM 28 APRIL 2010 The first quarter of 2010 – operating profit SEK 1.1bn (1.8)  Operating profit amounted to SEK 1,075m (1,802) and net profit to SEK 689m (1,027). In comparison with the previous quarter, operating profit improved by 91 per cent due to lower provisions for credit losses.  Profit before provisions for credit losses amounted to SEK 3,005m (4,186
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  === = pb_=fåíÉêáã=oÉéçêí=g~åì~êó=Ó=j~êÅÜ=OMNM==N ============= Interim report January - March 2010 STOCKHOLM 28 APRIL 2010 The first quarter of 2010 – operating profit SEK 1.1bn (1.8)    Operating profit amounted to SEK 1,075m (1,802) and net profit to SEK 689m (1,027). In comparison withthe previous quarter, operating profit improved by 91 per cent due to lower provisions for credit losses.    Profit before provisions for credit losses amounted to SEK 3,005m (4,186), a decrease of 28 per centcompared with the first quarter of 2009 and by 20 per cent from the previous quarter.    Operating income decreased by 18 per cent compared with the first quarter of 2009 and by 5 per centfrom the previous quarter. Net interest income grew by 5 per cent during the quarter and was 34 per centlower than the first quarter of last year. Net fee and commission income was 10 per cent lower than theprevious quarter and rose by 8   per cent in comparison with the first quarter 2009.    Operating expenses fell by 4 per cent compared with the first quarter of 2009, adjusted for goodwillimpairment charges of SEK 0.6bn last year, and increased by 4 per cent from the previous quarter.    Provisions for credit losses were SEK 1,926m (2,386); the credit loss level 0.50 per cent (0.70). Impairedloans decreased by 8 per cent.    Return on equity was 2.7 per cent (4.9) and earnings per share SEK 0.31 (1.03).    The core Tier 1 capital ratio was 11.7 per cent and the Tier 1 capital ratio 13.9 per cent.    SEB further strengthened its leading market position in areas such as wholesale banking and life insurance.Activity levels were high with strong sales in Private Banking, Asset Management and Life. Overallcorporate credit demand remained low.“SEB recorded a solid result given the slowly recovering macro-economic climate. SEB’s strong financialposition enables us to fully focus on the customer business. We are enhancing the long-term platform throughinvestments in professionals, IT infrastructure and customer offerings.”Annika Falkengren Operating income SEK bn 9.49.99.713.211.4 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 4.24.23.73.73.0 Q1-09Q2-09Q3-09Q4-09Q1-10 Profit before credit losses SEK bn 12.013.113.513.913.9 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Tier I capital ratio * Per cent * Basel II without transitional floors Return on Equity Per cent 4.91.02.7-0.80.1 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10  President’s comment ===^ÑíÉê=íÜÉ=ã~êâÉí=íìêÄìäÉåÅÉ=~åÇ=åÉÖ~íáîÉ=dam=ÇÉîÉäçéãÉåí=çîÉê=íÜÉ=é~ëí=íïç=óÉ~êëI=íÜÉ=ïçêäÇ=ÉÅçåçãó=Ü~ë=íìêåÉÇK=eçïÉîÉêI=áí=áë=~=Ñê~ÖáäÉ=êÉÅçîÉêó=~ë=ÉîáÇÉåí=áå=íÜÉ=Ñáêëí=èì~êíÉê=ïÜÉå=íÜÉ=ÇáÑÑáÅìäí=ëáíì~íáçå=Ñçê=dêÉÉÅÉ=Å~ãÉ=íç=~Ö~áå=ÇáëíêÉëë=íÜÉ=Å~éáí~ä=ã~êâÉíëK=tÜáäÉ=íÜÉ=çîÉê~ää=ëí~Äáäáë~íáçå=Ü~ë=ëéìêêÉÇ=~=êÉÅçîÉêó=áå=íÜÉ=Éèìáíó=ã~êâÉíëI=äÉ~ÇáåÖ=íç=ãìÅÜ=ÜáÖÜÉê=~ëëÉí=î~äì~íáçåëI=Åçêéçê~íÉ=ÇÉã~åÇ=Ñçê=åÉï=ÅêÉÇáí=áë=ëíáää=ÜçäÇáåÖ=Ä~ÅâK==========táíÜ=íÜÉ=ÑçêíêÉëë=Ä~ä~åÅÉ=ëÜÉÉí=ÅêÉ~íÉÇ=ä~ëí=óÉ~êI=ïÉ=Å~å=ÅçåíáåìÉ=íç=ÑìêíÜÉê=ÇÉÉéÉå=çìê=ÅìëíçãÉê=êÉä~íáçåëÜáéë=~åÇ=~êÉ=åçï=áå=~=éçëáíáçå=íç=áåîÉëí=áå=çìê=ëíêçåÖ=Åçêéçê~íÉ=Ñê~åÅÜáëÉK===   = Gradual stabilisation in the Baltic economiesSolid results in present macro-economic climate cçääçïáåÖ=íÜÉ=áåJÇÉéíÜ=êÉîáÉï=çÑ=~ää=ÅêÉÇáíë=áå=OMMVI=ïÉ=êÉã~áå=ÅçåÑáÇÉåí=áå=çìê=_~äíáÅ=~ëëÉí=èì~äáíó=~åÇ=ïçêâJçìí=ëíê~íÉÖóK=qÜÉ=äçïÉê=éêçîáëáçå=Ñçê=_~äíáÅ=ÅêÉÇáí=äçëëÉëI=pbh=NKQÄå=Åçãé~êÉÇ=íç=pbh=OKSÄå=áå=íÜÉ=éêÉîáçìë=èì~êíÉêI=~äëç=ãáêêçêë=íÜÉ=çîÉê~ää=ëí~Äáäáë~íáçå=áå=íÜÉ=êÉÖáçåK=eçïÉîÉêI=íÜÉ=_~äíáÅ=ÉÅçåçãáÅ=ÇÉîÉäçéãÉåí=áë=ëíáää=ÑÉÉÄäÉ=~åÇ=ïÉ=ã~áåí~áå=çìê=ÅçåëÉêî~íáîÉ=ëí~åÅÉ=áå=äáåÉ=ïáíÜ=çìê=~Åíáçåë=íÜêçìÖÜçìí=íÜÉ=ÅêáëáëK=tÉ=ÉñéÉÅí=éêçîáëáçåë=Ñçê=ÅêÉÇáí=äçëëÉë=åçí=íç=ÉñÅÉÉÇ=pbh=RÄå=áå=OMNMK==pb_=êÉÅçêÇÉÇ=~=ëçäáÇ=êÉëìäí=ÖáîÉå=íÜÉ=ëäçïäó=êÉÅçîÉêáåÖ=ã~ÅêçJÉÅçåçãáÅ=Åäáã~íÉK=mêÉJéêçîáëáçå=éêçÑáí=~ãçìåíÉÇ=íç=pbh=PÄå=êÉÑäÉÅíáåÖ=~=ÅçåíáåìÉÇ=äçï=~Åíáîáíó=äÉîÉä=~ãçåÖ=çìê=Åçêéçê~íÉ=ÅìëíçãÉêëK=kÉí=áåíÉêÉëí=áåÅçãÉ=áãéêçîÉÇ=Ñêçã=ä~ëí=èì~êíÉêK=`êÉÇáí=éêçîáëáçåáåÖ=ÇÉÅêÉ~ëÉÇ=áå=äáåÉ=ïáíÜ=pb_Ûë=_~äíáÅ=~ëëÉí=èì~äáíó=áãéêçîÉãÉåíK=léÉê~íáåÖ=éêçÑáí=~ãçìåíÉÇ=íç=pbh=NKNÄåI=ìé=VN=éÉê=ÅÉåí=áå=íÜÉ=èì~êíÉêK===^ëëÉí=èì~äáíó=áå=pïÉÇÉåI=íÜÉ=çíÜÉê=kçêÇáÅ=ÅçìåíêáÉë=~åÇ=áå=dÉêã~åó=êÉã~áåÉÇ=ëí~ÄäÉK=få=pïÉÇÉåI=íÜÉ=ÅêÉÇáí=äçëë=äÉîÉä=áå=çìê=Åçêéçê~íÉ=ÅêÉÇáí=éçêíÑçäáç=~ãçìåíÉÇ=íç=çåäó=MKMU=éÉê=ÅÉåíK=iç~å=íç=î~äìÉ=áå=íÜÉ=ãçêíÖ~ÖÉ=éçêíÑçäáç=áë=çå=~îÉê~ÖÉ=ÄÉäçï=RM=éÉê=ÅÉåí=~åÇ=Ñçê=çåäó=R=éÉêÅÉåí=çÑ=íÜÉ=éçêíÑçäáç=äç~å=íç=î~äìÉ=ÉñÅÉÉÇ=TR=éÉê=ÅÉåíK== Corporate activity still low qÜÉ=äçï=áåíÉêÉëí=ê~íÉ=ÉåîáêçåãÉåí=~åÇ=íÜÉ=äçï=Åçêéçê~íÉ=ÇÉã~åÇ=Ñçê=ÅêÉÇáí=áãé~ÅíÉÇ=åÉí=áåíÉêÉëí=áåÅçãÉ=ïáíÜáå=jÉêÅÜ~åí=_~åâáåÖ=åÉÖ~íáîÉäóK=`äáÉåí=~ÅíáîáíáÉë=ïáíÜáå=íÜÉ=Å~éáí~ä=ã~êâÉíë=ïÉêÉ=äçïK=lîÉê=íÜÉ=óÉ~êI=ïÉ=ÉñéÉÅí=~å=áåÅêÉ~ëÉ=áå=Åçêéçê~íÉ=ÅêÉÇáí=ÇÉã~åÇ=~ë=íÜÉ=ÉÅçåçãáÅ=êÉÅçîÉêó=ëí~ÄáäáëÉëK=fåÅêÉ~ëÉÇ=Åçêéçê~íÉ=çêÇÉê=Äççâë=ïáää=êÉèìáêÉ=~ÇÇáíáçå~ä=ïçêâáåÖ=Å~éáí~ä=~åÇ=ÉñáëíáåÖ=Ñ~ÅáäáíáÉë=ïáää=ÅçãÉ=ìé=Ñçê=êÉåÉï~äK=qê~åë~Åíáçå=îçäìãÉë=áå=íÜÉ=Å~êÇ= ÄìëáåÉëë=ïÉêÉ=ëÉ~ëçå~ääó=äçï=~ë=~äï~óë=áå=íÜÉ=Ñáêëí=èì~êíÉêK=pb_=ÅçåíáåìÉÇ=íç=~ííê~Åí=åÉï=Åçêéçê~íÉ=ÅìëíçãÉêë=áå=íÜÉ=pjb=ëÉÖãÉåí=áå=pïÉÇÉåK== Implications of Basel III framework still unclear qÜÉ=áåÇìëíêó=áë=ëíáää=ïçêâáåÖ=íÜêçìÖÜ=íÜÉ=áãéäáÅ~íáçåë=çÑ=íÜÉ=ëçJÅ~ääÉÇ=Ú_~ëÉä=fffÛ=êìäÉëK=pb_=áë=ÜÉ~îáäó=ÉåÖ~ÖÉÇ=áå=íÜÉ=Çá~äçÖìÉ=~êçìåÇ=íÜÉ=éêçéçëÉÇ=êìäÉëI=áå=çêÇÉê=ÄçíÜ=íç=áåÅêÉ~ëÉ=çìê=ìåÇÉêëí~åÇáåÖ=Äìí=~äëç=íç=áåÑäìÉåÅÉ=Üçï=íÜÉ=êìäÉë=ïáää=ÄÉ=áãéäÉãÉåíÉÇK=táíÜ=~=ÅçêÉ=qáÉê=N=Å~éáí~ä=ê~íáç=çÑ=NNKT=éÉê=ÅÉåí=~åÇ=ã~íÅÜÉÇJÑìåÇáåÖ=~ÄçîÉ=NU=ãçåíÜëI=pb_=áë=êÉ~Çó=íç=Ñ~ÅÉ=íÜÉ=éêçäçåÖÉÇ=ìåÅÉêí~áåíó=íÜ~í=ïáää=ÇçìÄíäÉëëäó=ëìêêçìåÇ=íÜÉ=åÉï=êìäÉëK=== Strong sales in long-term savings lìê=ë~îáåÖë=ÄìëáåÉëëÉë=ïáíÜáå=tÉ~äíÜ=j~å~ÖÉãÉåí=~åÇ=iáÑÉ=ÄÉåÉÑáíÉÇ=Ñêçã=íÜÉ=ÅçåíáåìÉÇ=éçëáíáîÉ=ëÉåíáãÉåí=áå=íÜÉ=Éèìáíó=ã~êâÉíëK=`ìëíçãÉêë=Ü~îÉ=ÄÉÉå=~ííê~ÅíÉÇ=Äó=pb_Ûë=çéÉå=~êÅÜáíÉÅíìêÉ=~åÇ=ãçÇÉêå=áåîÉëíãÉåí=éêçÖê~ããÉë=~åÇ=Ü~îÉ=ÄÉÉå=èìáÅâ=íç=êÉ~ääçÅ~íÉ=éçêíÑçäáçëK=qÜÉ=iáÑÉ=Çáîáëáçå=êÉÅçêÇÉÇ=áíë=ÄÉëí=èì~êíÉêäó=éêçÑáí=ÉîÉêK=tÉ~äíÜ=j~å~ÖÉãÉåí=ÅçåíáåìÉÇ=íç=~ííê~Åí=ëíêçåÖ=åÉí=áåÑäçïë=ïáíÜ=íçí~ä=åÉí=ë~äÉëI=ÇêáîÉå=Äó=çìê=ã~êâÉí=äÉ~ÇáåÖ=ÉèìáíáÉëJÄ~ëÉÇ=ë~îáåÖë=éêçÇìÅíëI=~ãçìåíáåÖ=íç=pbh=NVÄå=áå=íÜÉ=èì~êíÉêK=qÜáë=ï~ë=íÜÉ=ëÉÅçåÇ=ëíêçåÖÉëí=èì~êíÉê=áå=åÉí=ë~äÉë=çîÉê=íÜÉ=é~ëí=íÜêÉÉ=óÉ~êëK=  Customer excellence the driver for growth 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