Third quarter of 2010: Operating profit excludi...

"The turnaround in the Baltic economies is even more visible today and in
combination with falling impaired loans the Baltic operations are back in black.
The political determination in the region to resolve a challenging economic
situation together with our solid work-out processes have led to falling non-
performing loans.

In a seasonally slow quarter, I am glad that Baltic operations again record a
profit and  that we report higher income in Swedish Retail and Life.

As global macro imbalances continue to hamper a broad based economic recovery,
uncertainty as to the timing of the pick-up in corporate credit demand in the
Nordic region remains. A sharp increase of committed facilities has not yet
resulted in increased corporate lending," says Annika Falkengren, SEB's
President and CEO, commenting on today's interim report.

Operating profit for the third quarter isolated excluding the divestment* of
Retail Germany amounted to SEK 3,602m (702), 35 per cent up from the previous
quarter. Including SEK 755m of restructuring charges for the continuing German
operations, the reported operating profit was SEK 2,847m, 6 per cent higher than
the previous quarter.

Operating income at SEK 8,882m, (9,097) dropped by 4 per cent in the quarter.
Net interest income increased by 11 per cent whereas net fee and commission
income decreased by 8 per cent.

Comparable operating expenses amounted to SEK 5,476m (5,192). Including
restructuring costs of SEK 755m in Germany, operating expenses amounted to SEK
6,231m.

In the third quarter, SEB made a net release of provisions for credit losses of
SEK 196m following the stabilisation in the Baltic countries. In the
corresponding quarter of last year SEB's provisions for credit losses amounted
to 3,206m, corresponding to a credit loss level of 0.98 per cent. In the Baltic
region, the improved asset quality enabled a net recovery of SEK 273m (-2,642).
The Group's total reserve ratio was basically unchanged in the quarter, at 73
per cent.

SEB has maintained stable and strong capital ratios. As at 30 September, the
core Tier I capital ratio amounted to 12.1 per cent and the Tier I capital ratio
to 14.2 per cent.


* On 12 July, SEB announced the divestment of its German retail operations
expecting closing before year-end. For comparative purposes, the Group's income
statement has been restated as continuing and discontinued operations.

SEB is a leading Nordic financial services group. As a relationship bank, SEB in
Sweden and the Baltic countries offers financial advice and a wide range of
financial services. In Denmark, Finland, Norway and Germany the bank's
operations have a strong focus on corporate and investment banking based on a
full-service offering to corporate and institutional clients. The international
nature of SEB's business is reflected in its presence in 20 countries worldwide.
On 30 September 2010, the Group's total assets amounted to SEK 2,254bn while its
assets under management totalled SEK 1,343bn. The Group has about 17,000
employees, excluding the German retail operations. Read more about SEB
atwww.sebgroup.com.

Download Annika Falkengren's presentation


_____________________________________________
For further information, please contact:
Jan Erik Back, CFO, [phone]
Ulf Grunnesjö, Head of Investor Relations, +46 8 763 85 01; +46 70 763 85 01
Viveka Hirdman-Ryrberg, Head of Corporate Communication,
[phone], [phone]
Annika Halldin, Senior Financial Information Officer,
+46 763 85 60; +46 70 379 00 60


[HUG#1456347]





Fact Book January - September 2010: 


http://hugin.info/1208/R/1456347/396235.pdf

Interim Report January - September 2010: 


http://hugin.info/1208/R/1456347/396234.pdf




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