Sweden's SEB reported a steeper-than-expected fall in first-quarter net earnings on Wednesday as the novel coronavirus pandemic and financial turmoil it has brought in tow weighed on the bank's trading arm and loan portfolio.
FILE PHOTO: SEB bank sign is seen on the bank's building in Tallinn, Estonia December 1, 2019. REUTERS/Ints Kalnins
SEB said in a statement net profit fell 50% to 2.36 billion Swedish crowns from a year-ago 4.68 billion, lower than the mean forecast for 3.51 billion in a Refinitiv poll of analysts. The economic crisis stemming from the pandemic raises the prospect of mounting loan losses and credit impairments for banks as businesses shut their doors and lay off staff.
Interest income, which includes income from mortgages, rose to 6.2 billion crowns from 5.35 billion a year ago, following the Swedish central bank’s repo rate hike to zero percent in December, the Riksbank’s latest interest rate move.
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